The National Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) crossed one more milestone in October, with the value of transactions for the month crossing $100 billion.
In rupee terms, the value of transactions stands at Rs 7.71 lakh crore and 421 crore transactions were executed in the month, both at all-time highs.
The growth in October was fueled by the shopping spree marking the beginning of the festival season and e-commerce sales. With higher vaccination rates and further relaxation of norms, people also started stepping out for purchases more often in October.
From March to September 2021, the average monthly growth rate of UPI transactions was 5.8 percent. However, month-on-month growth in transaction values in October was close to 18 percent. At this rate, UPI transaction values are on track to cross $1 trillion, a huge milestone for the home-grown payments system, for FY22.