UPI transactions reach 25.47 billion in October

Unified Payments Interface (UPI) transactions rose in October to 25.47 billion, worth ₹31.53 lakh crore, according to data from the National Payments Corporation of India (NPCI), as activity increased from September during the festive season. October’s transaction volume was up 23% from a year earlier, while the total value grew 16%, NPCI data reported on November 1 showed. In September, UPI processed 24.07 billion transactions worth ₹29.37 lakh crore. The October figures represent increases of about 5.8% in volume and 7.4% in value over the previous month. UPI processed about 822 million transactions a day in October, compared with 802.28 million in September. Reports of the average daily value differed: one gave ₹1,00,871.30 crore for October, while another put it at about ₹1,01,707 crore. Both reported a September average daily value of ₹97,913.22 crore. The October figures are not reconciled in the reporting. Anand Kumar Bajaj, founder, managing director and chief executive of PayNearby, said the October activity reflected the growing use of digital payments in everyday life. He said the festive season had reinforced familiarity and confidence in digital transactions, and...