UPI transactions exceed 100 100 billion in October

New Delhi: The National Payments Corporation of India (NPCI) has registered another milestone in October. The value of its transactions has crossed સપાટી 100 billion, or Rs 75,000 crore.

In rupee terms, the value of NPCI's UPI transactions in October was over Rs 7.71 lakh crore, up from 100 100 billion, and a total of Rs 421 crore was transacted in October. Thus both value and volume reached an all-time high.

Since October was a festive month, people bought Muktam and e-commerce sales played an important role in that too. In addition, higher vaccination rates and more relaxation of curfew rules led to more purchases in October than others.

The average monthly growth rate in UPI during March to September 2021 was 5.8 per cent. However, the monthly growth rate of economic transactions in October was 18 per cent. At this rate, UPI's transaction value could cross Rs 1 lakh crore by the end of FY2021-22.

If we compare the deals from the beginning of 2021 with the deals in October, it has increased by 79 per cent in terms of value and 83 per cent in terms of volume. The value of economic transactions in January was Rs 4.31 lakh crore and the volume was Rs 230 crore.

UPI was launched in 2016. Its monthly turnover was Rs 3.86 lakh crore in October 2020, four years after its launch, and doubled to Rs. Dilip Asbe, MD and CEO, NPCI, said that UPI could account for 60 per cent of the total volume by the end of 2021. He added that if UPI maintains its current pace, it could cross Rs 1 lakh crore in a single day within a period of five years, but if the efforts behind it are doubled, the achievement can be achieved in three years.