Over 11 billion transactions worth Rs 17.16 lakh crore via Unified Payments Interface (UPI) took place in October, the National Payments Corporation of India (NPCI) said on Wednesday.
With over 11 billion UPI transactions in October, NPCI reports a Rs 17 lakh crore increase in mobile payments. This surge is due to the festive season and e-commerce consumer engagement.
Over 11 billion transactions worth Rs 17.16 lakh crore via Unified Payments Interface (UPI) took place in October, the National Payments Corporation of India (NPCI) said on Wednesday.
The transaction amount of Rs 17.16 lakh crore in October was due to festival season, it said.
In volume terms, the number of transactions touched a record 11.41 billion, up 8 per cent compared to 10.56 billion in September, as per the NPCI.
NPCI is an umbrella organisation for all retail payment systems in India.
UPI is used for immediate money transfer through mobile devices round the clock.
"Up, up, and growing! Over 11 Billion UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with #UPI," the Ministry of Electronics and IT said in a post on X.
Sarvatra Technologies MD Mandar Agashe said the UPI has consistently achieved remarkable milestones in terms of transaction volume as consumers are increasingly opting for UPI payments due to the unparalleled convenience and security it offers.
"There has been a notable increase in transactions in October, particularly due to the festive season. This surge is attributed to heightened consumer engagement, especially in the e-commerce sector," he said.