Festive Spending Drives Record UPI Transactions in October
· Business · Economic Times, Moneycontrol
Unified Payments Interface (UPI) transactions reached a record 25.47 billion in October, marking a 23% year-on-year increase, according to NPCI data. The transaction value also hit a record ₹31.53 lakh crore, up 16% from the previous year. Average daily transaction value surpassed ₹1 lakh crore for the first time, driven by festive shopping, dining, and online sales. The government's deferral of the merchant discount rate (MDR) on UPI transactions until after Diwali also contributed to the increased payment activity.
Why it matters
The record UPI transaction volumes indicate a strong resurgence in consumer spending during the festive season and highlight the growing adoption of digital payments in India. This trend is crucial for the Indian economy, reflecting consumer confidence and the continued expansion of the digital payments ecosystem.
Read the original report — Economic Times
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