UPI festive spend surges to Rs 17.8 lakh cr
Unified Payments Interface spending during the Dussehra-to-Diwali festival period rose to Rs 17.8 lakh crore from Rs 15.1 lakh crore a year earlier, a report said on Friday. Total digital payments via UPI, debit, and credit cards reached Rs 18.8 lakh crore, up from Rs 16.4 lakh crore in the same period last year.
In September, UPI transactions grew 31 percent year-on-year to 19.63 billion, with transaction value rising 21 percent to Rs 24.90 lakh crore, according to National Payments Corporation of India data. Debit card spending jumped to Rs 65,395 crore from Rs 27,566 crore, while credit card use showed more caution. Average transaction values were Rs 1,052 for UPI, Rs 8,084 for debit cards, and Rs 1,932 for credit cards.
Merchant-level data showed over 50 percent growth in average UPI spend per transaction in categories like clothing, liquor stores, electronics, and beauty services. The Bank of Baroda linked the rise to the GST 2.0 stimulus and projected stronger private consumption in Q2 and Q3.
