New Delhi : The Unified Payments Interface (UPI) platform processed 7.3 billion transactions in the month of October, a record high as India witnessed a bumper festive season.
According to the National Payments Corporation of India (NPCI), UPI processed 7.3 billion transactions worth Rs 12.11 trillion in October.
The volume was up 73 per cent while the value of transactions was up 57 per cent (year-over-year).
“UPI has been a game changer in real-time payments and is the most preferred choice of payment. UPI platform recorded 6.8 billion transactions in September 2022 and the festive month gave further boost with transactions reaching 7.3 billion in October,” said Sanjeev Chandak, Co-founder and CEO of fintech platform ftcash.
“Digitisation is enabling India to become a cashless economy and the surge in UPI transactions mirrors this upward trajectory towards digitisation,” he added.
Launched in 2016, UPI crossed 1 billion transactions in October 2019.
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