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UPI Transaction Value Up By 2x To Rs 7.71 Lakh Crores In October 2021: NPCI Data

Besides an increase over last month, the month of October also saw the highest number of average UPI transactions in a day.

The transaction value on the Unified Payments Interface (UPI) stood at Rs 7.71 lakh crores in October 2021, up by 2x compared to the same month in the previous year, according to data released by the National Payments Corporation of India (NCPI). Overall, transaction volumes also increased by 2 times over the last year to 4.22 billion in October. While UPI payment volumes grew by 15.4% in October 2021 over the previous month, the UPI transaction value went up by 17.9% compared to September 2021.

This steady increase comes after a drastic slump in both metrics in April this year, given several state-imposed lockdowns due to the second wave of the COVID-19 pandemic.

Key observations

1. Increase over September: The number of transactions increased by 564.3 million as compared to last month, whereas the total amount transacted went up by Rs 117,093 crores. In the previous month (September 2021), the volume of transactions had increased by 98.8 million and the amount transacted grew by Rs 15,234.9 crores.

 

2. Average transactions per day: Around 140.6 million transactions were completed and Rs 25,715 crores were transacted on an average per day in October. The average number of transactions per day in October 2021 was the highest till date.

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3. Size of transaction: The average amount exchanged per transaction increased by 2% over the previous month to Rs 1,829. The average amount per transaction fell to its lowest in the past year in November 2020, to Rs 1,769.

4. Banks on UPI service: Two more banks onboarded UPI payments in October 2021, which brings the total to 261 banks. The nationwide lockdown due to the pandemic began at the end of March 2020 and lasted till mid-May after which relaxations have gradually come into place. It’s possible that more banks began UPI payments due to unprecedented immobility, along with a need to limit human contact, which meant a natural move to digital payments.

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