UPI hits Rs 94,000 crore daily value in October
India’s digital payment system processed an average of 94,000 crore rupees per day this October as holiday shopping drove transactions 13 percent higher than September. The Unified Payments Interface recorded 740 million transfers on the day before Diwali and maintained average volumes of 695 million daily operations throughout the month. The platform handles roughly 85 percent of electronic commerce nationwide and surpassed 100,000 crore rupees in single-day value six times by Oct. 20.
Payment activity typically peaks at month start when workers receive salaries and make loan payments before declining mid-month to about 60,000 crore rupees. Analysts project that October will establish records with monthly transaction values exceeding 2.8 trillion rupees for the first time. The previous high reached 2.5 trillion rupees as consumers increased spending following recent goods and services tax reductions. National Payments Corporation data shows transaction counts climbed more than 6 percent from September’s 654 million daily average.
