The Unified Payments Interface (UPI) platform processed 7.3 billion transactions in October, a record high as India witnessed a bumper festive season.
According to the National Payments Corporation of India (NPCI), UPI processed 7.3 billion transactions worth Rs 12.11 trillion in October.
The volume was up 73 percent while the value of transactions was up 57 percent (year-over-year).
"UPI has been a game changer in real-time payments and is the most preferred choice of payment. UPI platform recorded 6.8 billion transactions in September 2022 and the festive month gave further boost with transactions reaching 7.3 billion in October," said Sanjeev Chandak, Co-founder and CEO of fintech platform Ftcash.
"Digitisation is enabling India to become a cashless economy and the surge in UPI transactions mirrors this upward trajectory towards digitization."Sanjeev Chandak, Co-founder and CEO of fintech platform Ftcash
Launched in 2016, UPI crossed 1 billion transactions in October 2019.
In FY23 to date, the UPI has processed 44.32 billion transactions worth Rs 75 trillion.
Nearly 76 percent of Indians now prefer using UPI (unified payments interface) during online checkouts while more millennials (84 percent) are now using UPI when shopping online, a report showed on Tuesday.
As the physical, digital and virtual worlds are converging, Indians are willing to explore and purchase within apps/browsers as well from social media platforms, according to new research from financial services technology provider FIS.
(KB/IANS)