UPI Transaction Limit: According to data released by NPCI, there has been a 10 percent increase in the number of transactions and 14 percent increase in value in October as compared to September.
UPI Record: The speed at which UPI is being used in India is becoming an example for the whole world. At present, using UPI in the country is one of the easiest payment systems. The use of UPI i.e. Unified Payment Interface (UPI) is witnessing a steady increase. In October, 16.58 billion transactions were done through UPI in the country. Its value was around Rs 23.5 lakh crore and NPCI gave this information on Friday. This is the biggest figure so far since UPI was started in April 2016.
Daily UPI transactions were 535 million in October
According to the data released by the National Payment Corporation of India (NPCI), there was a 10 percent increase in the number of transactions and 14 percent increase in value in October as compared to September. The number of daily UPI transactions in October was 535 million. During this period, the average transaction value was Rs 75,801 crore per day, whereas in September the average daily transaction number was 501 million and the value was Rs 68,800 crore.
467 million transactions through IMPS
In October, 467 million transactions were done through Immediate Payment Service (IMPS), which is 9 percent more than the figure of 430 million in September. Last month, the value of transactions through IMPS increased by 11 percent to Rs 6.29 lakh crore compared to the figure of Rs 5.65 lakh crore in September. The number of transactions through Fastag in October has increased by 8 percent to 345 million. This figure was 318 million in September. Last month, the value of Fastag transactions was Rs 6,115 crore, which was Rs 5,620 crore in September.
126 million transactions on Aadhaar Enabled Payment System
According to NPCI data, 126 million transactions were done on Aadhaar Enabled Payment System (AEPS) in October, which is 26 percent more than 100 million in September. The trend of digital payment is increasing rapidly in India. The share of digital transactions in consumer spending was 14 to 19 percent in March 2021, which has now increased to 40 to 48 percent.
The number of UPI-based transactions increased by 52 percent to 78.97 billion in the first half of this year (April-September), from 51.9 billion in the same period last year. At the same time, the value of UPI transactions has increased by 40 percent from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.
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