Amidst festival season sales and opening up of the economy, UPI transactions touched a record high at ₹7.71 lakh crore in value terms in October.
This was a new record for UPI, which is fast becoming the most popular choice for digital payments. It was a 56 per cent jump from ₹6.54 lakh crore in transaction value recorded in September.
According to data released by National Payments Corporation of India on Monday, the number of transactions on the Unified Payments Interface platform amounted to 421 crore in October, compared to 365 crore in September.
Daily payments through UPI were averaging between ₹25,000 crore to ₹30,000 crore in October.
The Immediate Payment Service (IMPS) also scaled a new high in October and processed 43.06 crore transactions worth ₹3.7 lakh crore. It had processed 38.48 crore transactions amounting to ₹3.24 lakh crore in September.
Meanwhile, there were 21.42 crore transactions via the NETC FASTags totalling ₹3,356.74 crore in October compared to 19.36 crore transactions worth ₹3,009.3 crore in September.
Mobile payments are now growing faster than card payments and are clocking over $1 trillion in annualised value in 2021, the 2021 India Mobile Payments Market Report by S&P Global Market Intelligence's Financial Institutions Research team had said.
According to the report, payments made via apps that bypass credit card rails rose 67 per cent to $478 billion in 2020.