By Admin 
UPI Payment: Unified Payment Interface (UPI) in India has made another record in its name. From city to village, the use of UPI has increased to such an extent that UPI, operated by the National Payments Corporation of India (NCPI), has achieved the highest monthly and daily transaction record till date.
In fact, a record 20.70 billion transactions were done in the month of October, which is much more than 19.63 billion in September and 20.01 billion in August. This shows how fast people are adopting it in their everyday life.
Payments are being made through UPI at a rapid pace
According to NPCI data, total transactions of Rs 27.28 lakh crore were made through UPI in October, while transactions of Rs 24.90 lakh crore were made in September and Rs 24.85 lakh crore in August. Compared to the last one year, the volume of UPI transactions has increased by 25 percent, while the total value has also increased by 16 percent.
On October 18, a record-breaking 754.37 million transactions were recorded through UPI, which is the largest transaction done in a single day since the launch of UPI. The average daily transaction in October stood at 668 million, while the average daily transaction value increased to 87,993 crore from 82,991 crore in September.
Why did this increase happen?
Experts say that this surge has come due to the festive season. Apart from this, now UPI is being adopted rapidly in rural areas also, the scope of digital infrastructure has increased. Now more and more businessmen have started adopting payment through QR code. Along with this, India is gradually moving towards cashless economy.
Use of IMPS and FASTag also increased
In the month of October, IMPS transactions increased by 3 percent to 40.4 crores. Total value increased by 8 percent to Rs 6.42 trillion. FASTag volume also increased by 8 percent to 36.1 crores. Its total value also increased by 4 percent to Rs 6,686 crore, which shows its increasing use on the highways during the festive season.
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