UPI Hits Record 20.70 Billion Transactions Worth ₹27.28 Lakh Crore in October Amid GST 2.0 Reforms

India’s digital payment ecosystem continues to soar under the ongoing GST 2.0 reforms, with the Unified Payments Interface (UPI) hitting a new record in October. According to data from the National Payments Corporation of India (NPCI), UPI transactions jumped 25% year-on-year to 20.70 billion, while the total transaction value climbed 16% to ₹27.28 lakh crore. On a month-to-month basis, the total transaction value rose from ₹24.90 lakh crore in September, marking a steady upward trend. The average daily transaction value reached ₹87,993 crore in October, compared to ₹82,991 crore in September.

The month also saw 668 million average daily transactions, up from 654 million in September.  In comparison, September recorded 19.63 billion UPI transactions with a transaction value of ₹24.90 lakh crore. The IMPS (Immediate Payment Service) network also grew, recording a 2% year-on-year rise to ₹6.42 lakh crore, and a 6% month-on-month increase from ₹5.97 lakh crore in September. The daily IMPS transaction value rose to ₹20,709 crore, compared to ₹19,895 crore a month earlier.

Overall, UPI remains the dominant force in India’s digital payment ecosystem, with transactions surging 35% YoY to 106.36 billion in the first half of 2025, valued at ₹143.34 lakh crore, as per Worldline’s India Digital Payments Report (1H 2025). The report also highlighted the booming Person-to-Merchant (P2M) segment, which grew 37% YoY to 67.01 billion transactions, powered by the “Kirana Effect” — where small and micro businesses are driving India’s digital transformation. Meanwhile, India’s QR-based payment network has more than doubled, reaching 678 million by June 2025, a 111% increase from January 2024.