Unified Payments Interface (UPI) recorded a notable increase in transaction activity from September to October 2024, with transaction volume climbing to 16.58 billion, marking a 10% growth from September’s 15.04 billion transactions, as reported by the National Payments Corporation of India (NPCI).
Transaction value saw a corresponding 14% rise, reaching Rs 23.50 lakh crore in October, compared to Rs 20.64 lakh crore in September. This growth reflects a year-over-year increase of 45% in transaction count and 37% in transaction value, driven by expanding digital payment adoption.
The average daily transaction volume also grew, moving up from 501 million in September to 535 million in October, with the daily transaction value increasing to Rs 75,801 crore from Rs 68,800 crore the previous month.
In September’s market share overview, PhonePe led the UPI sector with a 48% share of transaction volume, followed by Google Pay at 37.4%, and Paytm at 7%. Data for October is yet to be published, but recent developments could impact these numbers: the NPCI recently approved One97 Communications Limited, Paytm’s parent company, to onboard new users, positioning the company for possible market share growth.
Additionally, the NPCI has raised transaction limits, with a cap increase to Rs 5 lakh for select UPI payments, along with revised limits for UPI Lite Wallet and UPI 123Pay. These adjustments aim to promote digital transaction adoption, aligning with the Indian government’s vision of achieving 1 billion transactions per day by 2026-27.