Unified Payment Interface (NASDAQ:TILE) (UPI) transactions reached an all-time high in October 2023, with the total value soaring to a record INR 17.16 lakh crore. This marks a 9% increase from September's INR 15.8 lakh crore, according to data from the National Payments Corporation of India (NPCI). The real-time payments platform also experienced an 8% surge in transaction volume to an unprecedented 11.41 billion from September's 10.56 billion.
The platform first crossed the 10 billion transaction mark back in August. The latest figures represent a year-on-year growth of 55% in volume and 42% in value for UPI. The Ministry of Electronics and IT announced this milestone via a social media post, celebrating "Over 11 Billion UPI transactions."
In contrast, the Aadhar-enabled Payment System (AePS) saw a decrease of 15% year-on-year in its transaction volumes during October.
NPCI's CEO, Dilip Asbe, has set an ambitious target for UPI to reach 200 crore daily transactions by 2030. The anticipated growth is expected to be facilitated by credit expansion on the platform and active participation from fintech companies.
In October alone, UPI recorded over 1,140 crore transactions amounting to more than Rs. 17.6 lakh crore, marking significant growth rates of 55% year-on-year in volume and 42% in value. These figures were confirmed by the Ministry of Electronics and IT on social media, where it was also noted that UPI had surpassed the 1,000 crore transaction milestone in August and registered 1,056 billion transactions in September.
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