UPI Transactions Reach $100 Bn In October

Share Us

1153
UPI Transactions Reach $100 Bn In October
02 Nov 2021
6 min read

News Synopsis

As the festive bells and colours are lighting up across the country, there is an increase in online UPI transactions as well, net value of online payments has reached $103 billion in October month, (Rs. 7.7 lakh crore). As per reports, this is the highest figure record in a fiscal year’s single month. A 15% increase in transactions has led to a 451 crore increase from 365 crores in the previous month, according to the National Payments Corporation of India’s monthly transaction data. 

Since the month of October marks the beginning of festivities across the country, the shift in digital payments is obvious, with popular scan and pay apps, like Google pay, Billpay, and others that have contributed to customers’ trust in digital payments. 

As for the yearly data collected by the government, the shift is enormous, on a yearly basis the UPI payments have nearly doubled across the country as compared to Rs. 3.86 lakh crore in 2020, its value of transaction grew double, as compared to Rs. 207 crore a year ago. 

TWN In-Focus