In October, 1,658 crore transactions were made through UPI (Unified Payment Interface). During this period, an amount of Rs 2,350 lakh crore was transferred. The number of transactions increased by 45% compared to October last year.
UPI was launched in April 2016. This is the highest and largest transaction in a single month since then.
In October 2023, 1,141 crore transactions were made through UPI and an amount of Rs 17.16 lakh crore was transferred through it. This amount of transactions increased by 37% in one year.
Talking about the average daily transaction in October 2024, it was 53 50 lakh crores and an average amount of Rs 75,801 crores was transferred daily.
UPI transactions increased by 10.23% compared to September At the same time, the number of transactions in October increased by 10.23% compared to the previous month (September 2024). While the amount transferred increased by 13.85%.
As of September 2024, 1,504 crore transactions took place through UPI and an amount of Rs 20.64 lakh crore was transferred through it.
The National Payment Corporation of India (NPCI), the organization that regulates UPI, released transaction figures today (November 1).
There were 2,071 crore digital transactions in 2017-18
In the first five months (April-August) of the financial year 2024-25, 8,659 crore digital payments were made and a total amount of Rs 1,669 lakh crore was transferred through them.
In the financial year 2017-18, there were 2,071 crore digital transactions and an amount of Rs 1,962 lakh crore was transferred. The number of transactions increased approximately 9 times during this period.
UPI is managed by NCPI
The RTGS and NEFT payment system in India is operated by RBI. Systems like IMPS, RuPay, UPI are operated by the National Payment Corporation of India (NPCI). The government had imposed a fee-free framework for UPI transactions from January 1, 2020.
How does UPI work?
For UPI service, you need to create a virtual payment address. After that, it will need to be linked to the bank account. After that, you no longer need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request based on your mobile number.
If you have their UPI ID (email ID, mobile number or Aadhaar number), you can easily send money through your smartphone. Not only money, but also there will be no need for online banking, credit or debit card for payment of utility bills, online shopping, shopping etc. You can do all these things through the Unified Payments Interface system.
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8,659 crore digital payments made from April to August: This resulted in a transfer of ₹1,669 lakh crore; UPI transactions grew 138% annually
In the first five months (April-August) of the financial year 2024-25, 8,659 crore digital payments were made and a total amount of Rs 1,669 lakh crore was transferred through them. In the financial year 2017-18, there were 2,071 crore digital transactions and an amount of Rs 1,962 lakh crore was transferred.