Festive spending drives record UPI transactions in October

Festive spending drove a pickup in digital payments in October, with transactions on the Unified Payments Interface (UPI) rising to a record 25.47 billion, up 23% year-on-year, according to data released by the National Payments Corporation of India (NPCI).

UPI processed transactions worth Rs 31.53 lakh crore during the month, a 16% rise from a year earlier and the highest on record, signalling that the platform continues to expand even as consumers navigate higher prices of electronics and other festive purchases this year.