New Delhi, Nov 2: In a significant development, transactions on the unified payments interface (UPI) platform crossed a whopping 11.4 billion (1,140 crore) transactions in October, setting a new record with transaction value surpassing Rs 17.6 lakh crore.

 

 

 

This comes as consumer spending increased during the festive season. The transaction volume rose 56.2% year-on-year(y-o-y) in October, latest data from National Payments Corporation of India (NPCI) showed, which runs the real-time payments platform.

 

 

“Over 11 Billion UPI transactions were done in October 2023! People are making seamless payments from mobile in real-time with UPI,” wrote the Ministry of Electrincs and IT (Meity) on X (formerly, Twitter).

 

 

During the festive months of October and November, the platform sees outperformance compared to other months. This is likely to further accelerate volumes through UPI. Notably, in September, NPCI chief Dilip Asbe had stated UPI is aiming for 2 billion daily transactions by 2030, fuelled by the growth of credit on the platform.

 

It is pertinent to mention UPI registered a transaction volume of 10.56 billion in September and crossed the 10 billion mark in August.

 

 

Apart from UPI transactions, NPCI also shared the data on Aadhar-enabled Payment System (AePS) volumes. AePS monthly transaction volumes came down by 15 percent on-year and touched 100 million in October with value crossing Rs 25,973 crore, down by 17 percent on-year.

 

AePS payment model undertaken through a bank that allows all Aadhaar card holders to make monetary transactions their using a unique identification number (UID). The AePS allows users deposit cash, transfer funds and even check account balances.