Digital Payments Soar During Festive Season, UPI Crosses ₹1 Lakh Crore on Six Days

Digital payments had a record-breaking rise during the festivals. This month, UPI recorded transactions of more than ₹1 lakh crore on six days. RTGS recorded transactions of more than ₹10 lakh crore four times. National Electronic Funds Transfer (NEFT) and Immediate Payment Transfer (IMPS) also recorded transactions of more than ₹25,000 crore four times during the same time.

According to RBI data, the highest number of UPI transactions occurred on October 1st. On this day, 705.6 million UPI transactions amounting to ₹1.06 lakh crore were processed. On October 6, 676.8 million transactions amounted to ₹1.02 lakh crore, on October 8, 700.3 million transactions amounted to ₹1.01 lakh crore, and on October 9, 709.6 million transactions amounted to ₹1.02 lakh crore.

According to the data, on October 10, 717.5 million transactions were conducted through UPI, amounting to ₹1 lakh crore. This increased to 754.3 million transactions amounting to ₹1.02 lakh crore on October 18. However, on October 4, the number of transactions increased to 696.9 million transactions amounting to ₹99,228 crore, and on October 15, the number of transactions amounted to ₹699.8 crore transactions amounting to ₹99,092 crore. Most IMPS transactions typically exceed ₹20,000 crore. However, during the festive season, especially during Diwali, IMPS transactions exceeded ₹25,000 crore four times this month.

Real-time gross settlement (RTGS) transactions have reached ₹11 lakh crore this month. On October 1, 9.85 lakh transactions amounted to ₹11 lakh crore. Transactions reached ₹10.20 lakh crore on October 9, ₹10.33 lakh crore on October 13, and ₹10.12 lakh crore on October 17.