The Unified Payments Interface (UPI) has surpassed 4 billion transactions for the first time in a month, with the digital payments network recording 4.21 billion or 421 crore transactions totaling Rs 7, 71, 444 crores, according to statistics released by the National Payments Corporation of India (NPCI).
Since its launch in 2016, UPI has reached a 4 billion transaction milestone for the first time. This is a 15% increase in the number of transactions and a 17.8 percent increase in the value of transactions over September, when it handled 3.65 billion or 365 crore transactions worth Rs 6,54,351 crore. The surge in transactions can be attributed to the increased number of transactions throughout the holiday season. It’s worth mentioning that numerous e-commerce businesses held bargains and discounts throughout October, with UPI payments playing a big role.
We have observed a similar tendency in the past, when UPI saw a dramatic increase in the number of transactions over the Christmas season, which is September-October. For example, it passed the 1 billion mark for the first time in October 2019 and will pass the 2 billion mark in October 2020.
