Transactions through the Unified Payments Interface (UPI) platform crossed the ₹12-lakh-crore milestone in October, a month that also the number of transactions breaching the 700 crore mark.

The country’s premier digital payments platform processed 730 crore transactions worth ₹12.1-lakh crore during the month, largely led by increased festival-related spending, according to industry experts.

The volume of transactions were higher by 73 per cent year-on-year and 8 per cent month-on-month. In terms of value, transactions were higher by 57 per cent on year and 9 per cent month-on-month, according to National Payments Corporation of India (NPCI) data.

For FY23 so far, the UPI platform has processed 4,435 crore transactions totalling ₹75-lakh crore. In comparison, it processed 4,597 crore transactions, amounting to ₹84-lakh crore, in FY22.

NPCI had earlier said that the aim is to strengthen UPI in such a way over the next 3-5 years so that it can process 100 crore transactions a day.

Data also showed that transactions via the Aadhar-enabled payments service (AePS) platform rose to ₹31,113 crore in October from ₹26,666 crore in September, when it had seen a small dip from ₹27,186 crore in August.

In terms of volume, the number of AePS transactions rose to 11.8 crore in October from 10.3 crore in September and 10.6 crore in August.