UPI Payments: In today's time, UPI payment is also becoming quite popular. According to the National Payment Corporation of India (NPCI), UPI recorded 16.58 billion transactions in October 2024

Fri Nov 01 17:02:16 IST 2024

UPI Payments: In today's time, UPI payment is also becoming quite popular. According to the National Payment Corporation of India (NPCI), UPI recorded 16.58 billion transactions in October 2024, which is an increase of 45% year-on-year. Let us tell you about it in detail.

UPI is the easiest way to make online payments. Crores of people use it daily. It is also becoming quite popular in today's time. According to the National Payments Corporation of India (NPCI), UPI recorded 16.58 billion transactions in October 2024, an increase of 45% year-on-year. This is due to the boom during the festive season. Transactions worth Rs 23.5 lakh crore took place this month, an increase of 34% year-on-year.

The highest number of UPI transactions took place on 30 October

. UPI crossed the 15 billion transaction mark last month. Last month, there were an average of 50 crore transactions per day. This number increased to 53.5 crore in October. On 30 October, on the day of Dhanteras, 54.6 crore UPI transactions took place, which is a record for the highest number of transactions in a day.

Among other payment modes operated by NPCI, Fastag clocked 34.5 crore transactions in October, a growth of 8% year-on-year. Fastag is an automated toll payment system. Interestingly, bank-based retail fund transfer mechanism IMPS (Immediate Payment Service) witnessed a decline of 5% year-on-year, reporting 46.7 crore transactions in October. This was higher than September, when 43 crore transactions were done.

UPI is being used from roadside shops to malls

. UPI is also becoming popular for making small payments in the country. UPI is used for payments from roadside shops to big malls and stores. It is getting more and more integrated into the bank ecosystem. NPCI data shows that as of September, 622 banks are live on the payment network, which is more than 492 a year ago.