Summary:

In October 2024, India's Unified Payments Interface (UPI) processed 16.58 billion transactions worth around US$ 279.4 billion (Rs. 23.5 trillion), the highest since its inception in 2016. Personto-merchant transactions during the festival season contributed to a 10% rise in volume and a 14% increase in value. According to the National Payments Corporation of India (NPCI), daily transactions exceeded 535 million, representing a 45% increase in volume and a 37% increase in value year on year.

Other digital payment systems also saw growth: Immediate Payment Service (IMPS) transactions climbed by 9% to 467 million, valued at around US$ 74.7 billion (Rs. 6.29 trillion). FASTag transactions increased by 8% in both volume (345 million) and value, reaching over US$ 733 million (Rs. 6,115 crore). The Aadhaar Enabled Payment System (AePS) processed 126 million transactions, reflecting a 26% increase in volume and a 35% increase in value, totaling about US$ 3.88 billion (Rs. 32,493 crore).

Source: IBEF 

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