UPI Transactions Hit Record Rs 27.28 Lakh Crore in October Amid Festive Spending

Unified Payments Interface (UPI) has achieved a new milestone, recording an all-time high transaction value of Rs 27.28 lakh crore in October, according to data from the National Payments Corporation of India (NPCI). This surge was accompanied by 20.7 billion individual transactions, highlighting the immense growth in digital payments. The transaction value saw a 9.5% increase from September's Rs 24.9 lakh crore and a 16% jump compared to October 2023's Rs 23.49 lakh crore. The festive season, particularly Diwali, played a crucial role in this growth, with daily averages reaching 668 million transactions worth Rs 87,993 crore. Dilip Modi, CEO of Spice Money, noted that this demonstrates the robustness of India's digital infrastructure. UPI's dominance is evident as it accounts for 85% of all digital payments in India and nearly half of global real-time digital payments. The platform's reach continues to expand globally, now operational in countries like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, with France marking its entry into the European market. This expansion offers convenience to Indian travelers abroad.

Impact This news has a significant positive impact on the Indian stock market, particularly for companies involved in digital payments, fintech, e-commerce, and related technology services. The record transaction volumes indicate strong consumer spending and a deepening adoption of digital financial services, suggesting potential growth for businesses enabling these transactions. Rating: 9/10.

Difficult Terms: UPI (Unified Payments Interface): A real-time payment system developed by the National Payments Corporation of India (NPCI) that allows users to transfer money instantly between bank accounts using a mobile app. NPCI (National Payments Corporation of India): An organization established by the Reserve Bank of India (RBI) and Indian Banks' Association to operate retail payment and settlement systems in India. RBI (Reserve Bank of India): India's central bank, responsible for regulating the country's currency, money supply, and credit system. IBA (Indian Banks' Association): An association representing banks in India, working with regulators and policymakers. Fintech: Financial Technology, a sector that uses technology to provide financial services in innovative ways.