Unified Payment Interface (UPI) payment volumes increased by 15.1% to 2.07 billion in October 2020 over the previous month, per data published by the National Payments Corporation of India (NPCI). For the same period, amount transacted via UPI increased by 17.3% to over ~₹386,000 crore. NPCI is a private company owned by Indian banks; it owns and operates important payments systems such as UPI and IMPS. Transactions volumes in October were 1.8x YoY, with total amount transacted increasing 2x YoY to ₹386,107 crore. This steep increase comes after a drastic slump in both metrics in April, given the nationwide lockdown due to the COVID-19 pandemic. Key observations 1. Increase over September: The number of transactions increased by 271.5 million in October, whereas the total amount transacted went up by Rs 57,079 crores. In the previous month (September 2020), volume had…
