In the month of October, the widely used payment system Unified Payment Interface (UPI) successfully processed an impressive 1,141 crore transactions, amounting to a significant Rs 17.16 lakh crore. It is worth noting that this marks the third consecutive month in which UPI has surpassed a billion transactions. Furthermore, there was an 8% rise in the number of transactions and an 8.6% increase in the overall value when compared to September. This data was shared by the National Payments Corporation of India (NPCI).
To provide you with an idea, it is worth mentioning that in September, there were a significant number of transactions amounting to a substantial sum of money through UPI. Specifically, there were 1,056 crore transactions totalling Rs 15.8 lakh crore. Similarly, in August, the number of transactions reached 1,024 crore, with a cumulative value of Rs 15.18 lakh crore. Lastly, in July, the number of transactions recorded was Rs 996 crore.
According to experts, the increase in transactions can be attributed to the growing number of individuals and businesses adopting digital payment methods. This can be partly attributed to the availability of various user-friendly apps that enable payments through UPI, which continue to enhance their features to provide greater convenience and benefits for users.
Another method that individuals use to make payments is through a service known as Immediate Payment Service (IMPS). In the month of October, there were substantial 49.3 crore transactions conducted using this method, with a value of Rs 5.38 lakh crore. This figure slightly surpasses the transactions observed in September, which amounted to 47.3 crore and a total of Rs 5.07 lakh crore.
There is also a feature known as Fasttag transactions, which experienced a growth to 320 million in October, marking an increase from 299 million in September. The overall value of these transactions amounted to Rs 5,539 crore, representing a 9 per cent increase compared to the previous month.
31st OCTOBER 2023: DAILY PAYMENTS STATISTICS #AEPS #BHIMUPI #IMPS #NETC pic.twitter.com/NWZQGE1VMz— NPCI (@NPCI_NPCI) November 1, 2023
However, there is a type of payment known as Aadhar Enabled Payment System (AePS) that experienced a slight decrease. In the month of October, there were 100 million transactions, which is slightly lower than the 101 million transactions recorded in September. Additionally, in terms of monetary value, the total amount for October was Rs 25,973 crore, compared to Rs 25,984 crore in September.
In summary, a considerable number of individuals are opting for digital payments, particularly through UPI.
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