UPI Transactions: Over 11 Billion UPI Payments Recorded in October 2023, Purchases Cross Rs 17 Lakh Crore

New Delhi, November 1: 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. Indians Spending Big in Festive Season Sales on Cars, Smartphones, TV and Other Items, UPI Transactions Up by 40% in October: Report.

"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. India's UPI System Is 'Fantastic At Many Levels' But 'Incredibly Painful Experience' For Ecosystem Participants: Mastercard CFO Sachin Mehra.

"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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)