UPI Transactions Set New Record in October, Daily Payments Cross ₹1 Lakh Crore

India's digital payment ecosystem has achieved a major milestone, with Unified Payments Interface (UPI) transactions reaching record levels in October. According to data from the National Payments Corporation of India (NPCI), the average daily transaction value crossed ₹1 lakh crore for the first time. The total value of UPI payments during the month stood at ₹31.53 lakh crore, marking the highest monthly figure recorded so far. Increased spending during the Dussehra and Diwali festive seasons, along with a rise in online shopping, contributed to the growth.

October also set a new record in the number of transactions. A total of 25.47 billion transactions were recorded during the month, averaging around 82.1 crore transactions per day. This was higher than September's daily average of 80.2 crore transactions. The article also highlights the possibility of Merchant Discount Rate (MDR) charges being introduced on selected UPI transactions after Diwali. The proposal had been deferred following concerns from merchant associations, fintech companies and payment service providers about its possible impact on consumers and businesses.