UPI transactions touch 20.7 billion in October, NPCI data reveals
Unified Payments Interface (UPI) payment transactions hit the 20.7 billion mark in October, according to the data released by the National Payments Corporation of India (NPCI) on Saturday.
The transactions marked a 3.6% month-on-month (MoM) rise, up from 19.63 billion in September and 20.1 billion in August.
Highlights of the month
Also Read: NPCI eyes EMI payments on UPI in fresh credit play push
Festive fervour
UPI crossed 750 million transactions in a single day on October 18 for the first time, NPCI data revealed. On Friday, ANI reported that UPI emerged as the most preferred mode of payment during the festive season. The value of UPI transactions rose sharply to Rs 17.8 lakh crore during the festive period, compared to Rs 15.1 lakh crore in the same period last year, the report said.
Driven by festive cheer and GST cuts, demand for quick credit also surged to 50%, per a report by ET on October 22.
Fintech products such as buy-now-pay-later (BNPL) and check-out financing are finding favour at both online and offline stores, as more consumers become eligible for credit and fintech platforms open up to cater to the rising demand.
Also Read: Prepaid cards carving out their own niche in the new age of UPI
Smaller players coming in
ET reported in September that competition for UPI transactions is intensifying, with smaller players such as Bharat Interface for Money (Bhim), Navi, and Super.Money increasing their share by 50-100% in the past six months.
Data from the NPCI showed that Sachin Bansal-promoted Navi expanded its transaction base to about 500 million in August. Flipkart-backed Super.Money is processing around 250 million transactions per month, compared to 100 million by NPCI-run Bhim.
The transactions marked a 3.6% month-on-month (MoM) rise, up from 19.63 billion in September and 20.1 billion in August.
Highlights of the month
- UPI transactions worth Rs 27.28 lakh crore against Rs 24.9 lakh crore in September were recorded, which reflects a 9.5% increase.
- UPI processed an average of 668 million transactions per day, with an average daily value of Rs 87,993 crore.
- On a yearly basis, transaction count grew 25%, while transaction value rose 16%.
Also Read: NPCI eyes EMI payments on UPI in fresh credit play push
Festive fervour
UPI crossed 750 million transactions in a single day on October 18 for the first time, NPCI data revealed. On Friday, ANI reported that UPI emerged as the most preferred mode of payment during the festive season. The value of UPI transactions rose sharply to Rs 17.8 lakh crore during the festive period, compared to Rs 15.1 lakh crore in the same period last year, the report said.
Driven by festive cheer and GST cuts, demand for quick credit also surged to 50%, per a report by ET on October 22.
Fintech products such as buy-now-pay-later (BNPL) and check-out financing are finding favour at both online and offline stores, as more consumers become eligible for credit and fintech platforms open up to cater to the rising demand.
Also Read:
Smaller players coming in
ET reported in September that competition for UPI transactions is intensifying, with smaller players such as Bharat Interface for Money (Bhim), Navi, and Super.Money increasing their share by 50-100% in the past six months.
Data from the NPCI showed that Sachin Bansal-promoted Navi expanded its transaction base to about 500 million in August. Flipkart-backed Super.Money is processing around 250 million transactions per month, compared to 100 million by NPCI-run Bhim.
Next Story