UPI Transaction in October 2023: The trend of digital payment is increasing very fast in India. Unified Payments Interface has a big role in this. According to the data released by National Payments Corporation of India (NPCI), a record of more than 1000 crore UPI transactions took place across the country in October. The thing to note is that this is the third consecutive month when the number of UPI transactions has crossed 1000 crores. In October 2023, users have transferred Rs 17.16 lakh crore to each other through a total of 1,414 crore transactions.
Transactions of more than Rs 1000 crore for three consecutive months
It is noteworthy that an annual increase of 55 percent in the use of UPI in terms of transactions and 42 percent in terms of transaction amount has been recorded in October. Talking about the data of September 2023, users had transacted an amount of Rs 15.80 lakh crore through 1056 crore transactions through UPI. Whereas in August, total transactions worth Rs 15.76 lakh crore were made through 1058 crore transactions.
— NPCI (@NPCI_NPCI) November 1, 2023
UPI trend is increasing
The trend of UPI, launched in 2016, is increasing rapidly in India. Nowadays people are preferring to make digital payments instead of cash transactions. According to experts, further increase in UPI transactions is expected in November also due to the festive season. According to NPCI data, transactions worth Rs 5.38 lakh crore were made through 49.3 crore transactions through IMPS in October. In such a situation, an annual growth of 15 percent has been recorded in terms of amount and 2 percent in terms of transactions.
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