UPI volumes at new high on GST cut, festive push

UPI transactions hit a new high this Diwali season, with festive spending and lower goods and services tax (GST) rates driving record volumes, data from the National Payments Corporation of India (NPCI) showed.

On October 18, the unified payments interface (UPI) platform processed 754 million payments worth Rs 1.02 lakh crore, marking the highest single-day tally. During the three-day period between Dhanteras and Diwali, the average UPI volumes stood at 736.9 million — higher than 647.46 million in the corresponding period a month ago.