Finclusion
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog
No Result
View All Result
Paytm
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog
No Result
View All Result
Finclusion
No Result
View All Result
The National Payments Corporation of India (NPCI) has shared that UPI has crossed 11 billion transactions in the month of October, 2023.

The National Payments Corporation of India (NPCI) has shared that UPI has crossed 11 billion transactions in the month of October, 2023.

UPI transactions touches a new high with 11.41 billion transactions in October

November 1, 2023
in Fintech
410 12
0
Share on FacebookShare on Twitter

The Unified Payments Interface (UPI) is one of the most widely accepted and used modes of payments. Indicating how UPI is playing a major role in transforming the digital payments sector in India, the National Payments Corporation of India (NPCI) has shared that UPI has crossed 11 billion transactions in the month of October, 2023. This is the third straight time when UPI has surpassed the 10 billion transaction count. 

NPCI took to X, formerly known as Twitter, and said, “Make seamless payments from your mobile in real-time with UPI.” As per the details shared, UPI has recorded 11.41 billion transaction count in October, registering a 56% YoY growth. The transaction amount has witnessed a jump of 42% YoY to ₹17.16 lakh crore in the month of October. 

You might also like

President Diaz-Canel expressed Cuba’s keen interest in India’s Unified Payments Interface (UPI) and its wider Digital Public Infrastructure (DPI). (Image Source: PM Narendra Modi on X)

BRICS Summit 2025: Cuba Shows Interest in India’s UPI as PM Narendra Modi, President Diaz-Canel Meet

July 7, 2025
By integrating this indicator, banks and payment platforms will be able to identify risky mobile numbers in real time. (Image source: @UPI_NPCI)

RBI Advises Banks to Adopt DoT’s Fraud Risk Indicator to Curb Cyber Fraud

July 3, 2025

Notably, in the month of September 2023, the transaction count stood at 10.56 billion while the transaction amount was at ₹15.80 lakh crore. In August, the transaction count was at 10.58 billion with the transaction amount of ₹15.76 lakh crore.

The growth of UPI transactions has been phenomenal, since its introduction in 2016. The factors that have been supporting and fueling the growth of UPI transactions include rapidly increasing smartphone user base, government initiatives such as the Digital India campaign, involvement of Fintech and its innovations, etc.

Also, according to a report by Live Mint, the Reserve Bank of India (RBI) bulletin has stated that UPI is expected to account for 90 percent of digital transactions volume in the next 5 years.

NPCI also released the NETC FASTag monthly volumes showing 320 million transaction count, registering a growth of 13% on yearly basis. The transaction amount for October stood at ₹ 5,539 crore at an increase of 24%.

Tags: FASTagNPCIUPIUPI Transaction

Related Stories

President Diaz-Canel expressed Cuba’s keen interest in India’s Unified Payments Interface (UPI) and its wider Digital Public Infrastructure (DPI). (Image Source: PM Narendra Modi on X)

BRICS Summit 2025: Cuba Shows Interest in India’s UPI as PM Narendra Modi, President Diaz-Canel Meet

by Finclusion
July 7, 2025
0

On the sidelines of the 17th BRICS Summit in Rio de Janeiro, Prime Minister Narendra Modi held talks with President...

By integrating this indicator, banks and payment platforms will be able to identify risky mobile numbers in real time. (Image source: @UPI_NPCI)

RBI Advises Banks to Adopt DoT’s Fraud Risk Indicator to Curb Cyber Fraud

by Finclusion
July 3, 2025
0

In a major step towards strengthening cybersecurity in banking, the Reserve Bank of India (RBI) has directed all Scheduled Commercial...

June's daily average was equally impressive, with 613 million transactions per day and a daily average value of ₹80,131 crore. (Image source: Freepik)

India’s UPI Crosses 18.4 Billion Transactions in June 2025

by Finclusion
July 1, 2025
0

India’s digital payment ecosystem continues to grow rapidly with UPI (Unified Payments Interface) recording 18.40 billion transactions worth ₹24.04 lakh...

During her visit to Seville, Spain, the Finance Minister will address the 4th International Conference on Financing for Development (FFD4) organised by the United Nations. (Image source: PIB)

Finance Minister Nirmala Sitharaman to Address 4th International Conference on Financing for Development organised by United Nations

by Finclusion
June 30, 2025
0

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman has begun an official visit to Spain, Portugal, and Brazil from...

Next Post
India has witnessed a 61% increase in women applicants on yearly basis during the July-September period this year.

India witnesses 61% increase in women job applications from July to September 2023; Paytm, Reliance, Flipkart actively participates in the drive

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finclusion

© 2024 Finclusion

Quick Links

  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog

© 2024 Finclusion

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version