UPI transactions hit a new high this Diwali season, with festive spending and lower goods and services tax (GST) rates driving record volumes, data from the National Payments Corporation of India (NPCI) showed.
On October 18, the unified payments interface (UPI) platform processed 754 million payments worth Rs 1.02 lakh crore, marking the highest single-day tally. During the three-day period between Dhanteras and Diwali, the average UPI volumes stood at 736.9 million — higher than 647.46 million in the corresponding period a month ago.
The average transactions during the three days were Rs 87,568.70 crore, higher than Rs 75,389.4 crore in the month-ago period. In October, the average daily UPI transactions stood at Rs 92,909.4 crore — higher than Rs 83,200.3 crore in the corresponding period a month ago.
During the month, the platform reported an average of 691.39 million daily transactions, up from 656.91 million the previous month, reflecting sustained momentum in retail and merchant payments.