UPI transactions over $100bn in Oct

Chennai: UPI transactions value touched $103 billion (over Rs 7.7 lakh crore) in October, driven by both online and offline digital shopping in the festive season. The value of transactions has risen by more than Rs 1 lakh crore on a month-on-month basis. This has made the figure the highest UPI payments recorded in a month in this fiscal year.

The volume of transactions rose 15% to 421 crore, from 365 crore in previous month, according to the National Payments Corporation of India’s monthly transaction data on the Unified Payments Interface.

In India, it is all about festivals for the month of October, where this time period also drives the highest value and volume of digital transactions in the country. “UPI has seamlessly integrated with all forms of payments such as scan & pay, Pay to Contact, online shopping,

BillPay

, IPOs & investments. Not surprising that we see month-on-month growth, and we recorded nearly a 3x growth in UPI Pay to Contact in the Kotak mobile banking app over the last quarter,” said

Kotak Mahindra Bank

president & chief digital officer Deepak Sharma.

From March to September 2021, the average monthly growth rate of UPI transactions was about 5.8%. And for the October month, it was up 17% MoM, as compared to the 2.3% rise seen in September. In the same period, the average ticket size of UPI transactions saw a marginal increase of Rs 1,832 from Rs 1,792.

And on a year-on-year basis, the UPI transaction volume has more than doubled, as compared to Rs 3.86 lakh crore in October, 2020. Its value of transaction grew more than double, as compared to 207 crore a year ago.

With more kirana stores adopting offline digital payment options, a recent research conducted by ACI Worldwide and YouGov said it has found that digital payments continue to be most preferred payment method of choice for festive season spending, comfortably ahead of cash and debit and credit card payments.And other modes of digital payments like Immediate Payments Service (IMPS) have also touched an all-time high both in terms of number and value of transactions, at 43 crore transactions worth Rs 3.70 lakh crore in October.


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