UPI: Record high of 11 billion transactions carried out in October

UPI transactions continue to soar. As per the National Payments Corporation of India (NPCI), 11 billion transactions totalling over 17 lakh crore were carried out via UPI.

Ministry of Electronics and IT made the announcement on X.

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The UPI system has seen remarkable expansion, with Sunil Rongala, Senior Vice President, Head of strategy, Innovation & Analytics at Worldline India, noting that it has evolved from 151 million transactions in January 2018 to a staggering 11 billion in October 2023. With such momentum, it is foreseeable that UPI transactions could reach 20 billion per month within the next 18-24 months.

About UPI

A key factor contributing to this sustainable growth is the increasing popularity of Person-to-Merchant (P2M) transactions. UPI, launched by the NPCI in 2016, has transformed how people in India handle their financial transactions, and its success has even extended to other countries due to its speed, security, and convenience.

The system's compatibility with existing payment platforms and its ability to facilitate cross-currency transactions at favorable exchange rates have further fueled its popularity. Presently, there are 300 million UPI users and 500 million merchants utilizing UPI for their business transactions.