The Unified Payments Interface (UPI) has processed 1,141 crore transactions in October, amounting to ₹17.16 lakh crore, according to National Payments Corporation of India (NPCI). This milestone marks the third consecutive month that UPI transactions have surpassed the 1,000 crore mark.

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Compared to the previous year, this represents a substantial 56% increase in transaction count and a significant 42% surge in the transaction amount, NPCI said on X, the company formerly known as Twitter.

Make seamless payments from your mobile in real-time with UPI.#UPI #DigitalPayments #UPIChalega @GoI_MeitY @_DigitalIndia @upichalega @dilipasbe pic.twitter.com/xC7ryhQENH

— NPCI (@NPCI_NPCI) November 1, 2023

As of September, UPI had registered 1,056 crore transactions, with a total value of ₹15.8 lakh crore. In August, the platform recorded 1,024 crore transactions, with a transaction value of ₹15.18 lakh crore. In July, UPI witnessed 996 crore transactions.

The growth in UPI's transaction volume and value can be attributed to the escalating digital adoption at both the merchant and customer levels.

Vivek Iyer, Partner at Grant Thornton Bharat, commented on the situation, noting, "UPI value and volumes are at their peak on account of increased digital adoption at two levels - merchants and the customers. The adoption has increased on account of the higher penetration by different UPI-based third-party payment apps that have continually added new customers. The rewards and incentives programs offered by the third-party UPI-based payment apps also entice existing customers to route more transactions through UPI."

The Reserve Bank of India (RBI) has been proactive in introducing a series of measures aimed at boosting the UPI ecosystem's security and fairness. In September, NPCI unveiled a host of innovative features for UPI at the Global Fintech Fest 2023, including instant credit via UPI, UPI Lite X for Offline Payments, Tap and Pay, and Hello UPI.

Additionally, when looking at Immediate Payment Service (IMPS) statistics, there were 49.3 crore transactions, with a total value of ₹5.38 lakh crore.

Use the efficiency of IMPS to make instant and secure transfers of funds from one bank to another.#IMPS #DigitalPayments @GoI_MeitY @_DigitalIndia pic.twitter.com/oVNg09MfYF

— NPCI (@NPCI_NPCI) November 1, 2023

This reflects a 2% year-on-year (YoY) growth in transaction count and 15% increase in transaction amount. In September, there were 47.3 crore IMPS transactions, totaling ₹5.07 lakh crore in value. August saw 48.9 crore IMPS transactions, with a transaction amount of ₹5.14 lakh crore.