in the country Unified Payment Interface (Unified Payment Interface or UPI) transactions are continuously increasing. According to the National Payments Corporation of India (NPCI), the number of UPI transactions crossed the Rs 1000 crore mark for the third consecutive month in October. In October, 1,141 crore transactions were made through UPI, under which Rs 17.16 lakh crore was sent and received. In October, the number of transactions through UPI was 56 percent higher year-on-year and the transaction volume was 42 percent higher.
If we talk about the previous two months, in September 2023, there were 1056 crore transactions worth Rs 15.80 lakh crore through UPI. Whereas in August 2023, there were 1058 crore transactions worth Rs 15.76 lakh crore. NPCI gave this information through a post on social media platform X. The growing number of transactions through UPI shows that people are increasingly adopting digital methods for transactions. For this UPI is becoming preferred due to convenient and instant service.
— NPCI (@NPCI_NPCI) November 1, 2023
How many people are using IMPS?
According to the data, 49.3 crore transactions worth Rs 5.38 lakh crore were made through IMPS in October 2023. The number of transactions showed a growth of 2 percent and the volume of transactions showed a growth of 15 percent on a year-on-year basis. In September, IMPS saw 47.3 crore transactions worth Rs 5.07 lakh crore. Whereas in August there were 48.9 crore transactions worth Rs 5.14 lakh crore.