FE
Transactions on the unified payments interface (UPI) platform surpassed 11 billion in October as consumer spending increased during the festive season. The transaction volume rose 56.2% year-on-year(y-o-y) in October, latest data from National Payments Corporation of India(NPCI) showed.
“There has been a notable increase in transactions during October, particularly due to the festive season. This surge is attributed to heightened consumer engagement, especially in the e-commerce sector,” Mandar Agashe, Founder & MD, Sarvatra Technologies said, adding that consumers are increasingly opting for UPI payments due to the unparalleled convenience and security it offers.
In terms of value, transactions on the platform rose nearly 42% y-o-y to an all-time high of Rs 17.2 trillion in October. Experts feel that an increasing number of consumers in tier II and beyond towns are now opting for UPI payments, and this has led to a surge in transactions on the platform.
