A huge growth in UPI transactions; Digital payment transactions are becoming widespread

Delhi: Digital payment transactions are becoming widespread in the country.

Most of the transactions are done through UPI apps. According to new figures, there has been a huge growth in UPI transactions in eight years. In October, 16.58 billion transactions were done in the country through the Unified Payments Interface (UPI). Through this, 23.5 lakh crore rupees were transferred in India.

This is the first time in the history of the UPI system, which was introduced in April 2016, that such large transactions are taking place. The figures were released by the National Payments Corporation of India (NPCI). 535 million transactions took place each day in October. 75,801 crore rupees were transferred every day. In the month of September, an average of Rs 68,800 crore was transferred per day out of 501 million transactions. 

467 million cash transactions were made through Immediate Payment Service (IMPS) in October. 430 million in September. 6.29 lakh crore in October, up 11 per cent from Rs 5.65 lakh crore. There was also a huge increase in the number of FASTag transactions. 

In September, there were 318 crore transactions, which increased by 8 percent to 345 million in October. Transactions worth Rs 6,115 crore took place in October. 126 crore transactions were done through EIPIS (Aadhaar Enabled Payment System). According to the figures, there is a 26 percent growth over September.