Reserve Bank of India Governor Sanjay Malhotra during a press conference in Mumbai, Maharashtra, on October 1, 2025
| Photo Credit: RBI

New Delhi:

The Unified Payments Interface (UPI)-based digital transactions continued to surge and in the month of October, the country saw 16.58 billion transactions worth Rs 23.5 lakh crore, the highest numbers since the UPI became operational in April 2016.

According to data shared by the National Payments Corporation of India (NPCI) on Friday, October saw a 10 per cent increase in volume and 14 per cent in value compared to September.

Daily UPI transactions in October crossed 535 million in volume and Rs 75,801 crore in value – compared to 501 million in volume and Rs 68,800 crore in September.

There were 467 million Immediate Payment Service (IMPS) transactions in October, up 9 per cent from 430 million in September. In value terms, IMPS transactions grew by 11 per cent to Rs 6.29 lakh crore compared to Rs 5.65 lakh crore in September.

Meanwhile, the number of FASTag transactions increased 8 per cent in October to 345 million, compared to 318 million in September. Transactions worth Rs 6,115 crore were made in October, up from Rs 5,620 crore in September.

There were 126 million transactions on the Aadhaar Enabled Payment System (AePS) in October, up 26 per cent from 100 million in September, as per the NPCI data.

According to the latest paper by economist Pradip Bhuyan from the Reserve Bank’s Department of Currency Management, digital transactions have surged in such a fashion in India that cash usage, which still accounts for 60 per cent of consumer expenditure (as of March 2024) is rapidly declining.

The share of digital payments more than doubled from 14-19 per cent in March 2021 to 40-48 per cent in March 2024, with unified payments interface (UPI) playing a key role.

UPI-based transaction volume surged 52 per cent to 78.97 billion in the first half of this year (H1 2024), from 51.9 billion in the same period last year.

Similarly, the value of transactions grew by 40 per cent, increasing from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months of this year.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Surpassing world’s leading digital payments platforms, India’s Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year).

According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, the data showed.

In July, UPI transactions crossed Rs 20.6 lakh crore — the highest-ever during a month. The value of UPI transactions processed remained above Rs 20 lakh crore for three consecutive months.

Paysecure examined 40 of the top alternative payment methods from around the world to reveal this data.

The findings showed that India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.

According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential to touch 100 billion transactions in the next 10-15 years backed by credit growth. Credit has already been launched on UPI and the commercials would be released within in a couple of weeks.

Official figures show that as many as 13.89 billion transactions were recorded on UPI in June up from 14.04 billion in May. According to consultancy firm PwC India report, the number of transactions on UPI is expected to jump more than 3-fold from about 131 billion in 2023-24 to 439 billion by 2028-29, accounting for 91 per cent of total retail digital transactions.

According to RBI Governor Shaktikanta Das, based on the encouraging response received from several jurisdictions, the apex bank is now focusing on making “UPI and RuPay truly global”.

At the ‘Global Fintech Fest’ in Mumbai this week, he said that the deployment of UPI-like infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems (FPS) of other countries for cross-border remittances are on top of their agenda,

New Delhi:

Starting June 25, HDFC Bank will stop sending SMS alerts for UPI transactions up to Rs 100.

Now SMS notifications will be pushed only for transactions above Rs 100 (for money sent/paid) and above Rs 500 (for money received).

The lender informed its customers through emails that they would continue to receive email alerts for all UPI transactions.

Customers are asked to ensure that their mail is up-to-date to receive all notifications.

The lender however did not reveal the reason behind not sending SMSes for transactions below Rs 100.

Payments through digital means in India are hitting fresh highs, as its citizens are increasingly adopting the emerging modes of transacting on the internet.

The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

UPI is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. The UPI payment system has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.

Among others, a key emphasis of the Indian government has been on ensuring that the benefits of UPI are not limited to India only; other countries, too, benefit from it. So far, Sri Lanka, Mauritius, France, UAE, and Singapore, among others, have partnered or intend to partner with India on emerging fintech and payment solutions.

The share of UPI in digital payments in India has reached close to 80 per cent in 2023. Today, India accounts for nearly 46 per cent of the world’s digital transactions (as per 2022 data).

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

File picture of RBI Governor Shaktikanta Das, who said that India accounts for 40% of all digital payments in the world
| Photo Credit: ANI

Reserve Bank of India Governor Shaktikanta Das said on Monday that digital transactions in India have grown 90-fold in 12 years.

Mr. Das was speaking at the RBI headquarters in Mumbai during the central bank’s Digital Payments Awareness Week programme.

The RBI chief went on to note that India accounts for 40% of all digital payments in the world, and that UPI transactions now account for 80% of all digital payments in India.

“In 2012-13, there were 162 crore digital payments. This number has grown to 14,726 crore in 2023-24 till February,” he sid.