UPI transactions, driven by online and offline digital shopping in the festive season, touched $103 billion in October. The transactions rose by more than Rs 1 lakh crore on a month-on-month basis. As such, October recorded the highest UPI payments recorded in a month in fiscal year 2021-22.
According to the National Payments Corporation of India’s monthly transaction data on the Unified Payments Interface (UPI), the volume of transactions rose 15% to 421 crore, from 365 crore in previous month.
Deepak Sharma, Kotak Mahindra Bank president & chief digital officer, pointed out that it is all about festivals for the month of October. This time period also drives the highest value and volume of digital transactions in the country. “UPI has seamlessly integrated with all forms of payments such as scan and pay, pay to contact, online shopping, BillPay, IPOs and investments,” Sharma said. “Not surprising that we see month-on-month growth, and we recorded nearly a 3x growth in UPI pay to contact in the Kotak mobile banking app over the last quarter.”
From March to September 2021, as per NPCI, the average monthly growth rate of UPI transaction volume has more than doubled as compared to Rs 3.86 lakh crore in October 2020. The value of transaction grew more than double, as compared to 207 crore a year ago. In June 2021, UPI crossed 2.8 billion transactions worth Rs 5.47 lakh crore and in July, it recorded 3.2 billion transactions worth Rs 6.06 lakh crore – up 10.8% month-on-month. The transaction value has increased by 79% from the start of the year. Transaction volume has increased by 83% from January 2021.
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Moreover, a recent survey by ACI Worldwide and YouGov found that digital payments continue to be most preferred payment method of choice for festive season spending comfortably ahead of cash and debit and credit card payments. And more kirana stores are adopting offline digital payment options as well.
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