October Sees Historic ₹27 trn in UPI Payments in Festivities. October 2024 marked a milestone for India’s digital payment in UPI processing 20.7 billion transactions valued at ₹27.28 trillion. The surge—representing a 5% jump in volume and 10% rise in value from September—was fueled by festive shopping sprees and GST 2.0 relief measures.
The platform now handles an average of 668 million daily transactions worth ₹87,993 crore, eclipsing the previous volume record of 20.008 billion set in August and the May value peak of ₹25.14 trillion.
Anand Kumar Bajaj, CEO of PayNearby, attributes the growth to UPI’s versatility during festivals. “From small purchases to larger business payments, UPI has become the backbone of commerce. Tier 2 and 3 cities are now leading this charge, with local retailers and digital assistance helping first-time users embrace cashless payments,” he noted, adding that year-on-year growth stands at 25% in volume and 16% in value.
Other digital payment channels also saw gains. IMPS transactions climbed 3% to 404 million (₹6.42 trillion), while FASTag recorded 361 million transactions worth ₹6,686 crore—up 8% and 4% respectively. The Aadhaar Enabled Payment System processed 112 million transactions valued at ₹30,509 crore, reflecting 6% monthly growth.
