India’s Unified Payments Interface (UPI) system recorded its highest-ever transaction volume and value in October, reflecting strong festive season spending and the positive impact of GST 2.0 relief measures. During the month, UPI processed 20.7 billion transactions worth ₹27.28 trillion, marking a 5% rise in volume and a 10% increase in value compared to September.
The previous peak was seen in August 2025, with 20.008 billion transactions, while the earlier highest value stood at ₹25.14 trillion in May. In contrast, September registered 19.63 billion transactions worth ₹24.9 trillion. October’s performance represents the best month since UPI’s launch in April 2016, averaging nearly 668 million transactions per day with a total daily value of about ₹87,993 crore.
Commenting on the milestone, Anand Kumar Bajaj, Founder, MD, and CEO of PayNearby, said the festive season has once again highlighted UPI’s role in driving both convenience and commerce across India. He noted that UPI has become a preferred choice for everything from small retail purchases to large business payments, benefiting consumers and local merchants alike.
According to Bajaj, the growth is now being fueled by Bharat’s expanding digital footprint, with neighbourhood retailers and assisted digital networks enabling millions of new users to transact with confidence. “As innovations like credit on UPI and interoperable payment services continue to mature, India is moving closer to a truly inclusive and accessible digital economy,” he added.
He further pointed out that the 25% rise in transaction volume and 16% increase in value year-on-year underlines UPI’s strong momentum in making digital payments simple, safe, and universal across communities.
The Immediate Payment Service (IMPS) also registered an uptick in activity during October, with transactions rising 3% month-on-month to reach 404 million, compared to 394 million in September. However, the figure remained below August’s peak of 477 million transactions, indicating that while festive momentum boosted digital payments overall, IMPS volumes have yet to regain their earlier highs.
In terms of value, IMPS transactions climbed 8% month-on-month to ₹6.42 trillion in October, compared to ₹5.98 trillion in September. In contrast, August recorded ₹6.31 trillion across 488 million transactions. While the total number of daily transactions eased slightly to 13.02 million from 13.15 million in September, the average daily transaction value rose 4%, reaching ₹20,709 crore from ₹19,895 crore in the previous month.
On a year-on-year basis, transaction volumes were down 14%, but the overall value saw a modest 2% increase, reflecting a shift toward higher-value digital transfers despite fewer overall payments.
FASTag transactions continued their upward trend in October, rising 8% month-on-month to reach 361 million, compared with 333 million in September. Although this was slightly below August’s total of 371 million, the overall value of FASTag payments increased 4% to ₹6,686 crore, up from ₹6,421 crore a month earlier, coming close to August’s ₹6,661 crore mark. The system also recorded an average of 11.64 million daily transactions, with a daily transaction value of around ₹216 crore, highlighting consistent growth in toll-based digital payments.
Meanwhile, the Aadhaar Enabled Payment System (AePS) posted a 6% increase in transaction volume, reaching 112 million in October compared to 106 million in September. The total transaction value rose to ₹30,509 crore, up from ₹27,388 crore in the previous month. In comparison, August had recorded 103 million transactions worth ₹32,329 crore. The daily average improved slightly to 3.6 million transactions, while the daily value climbed to ₹984 crore, reflecting a steady rise in usage of Aadhaar-linked financial services.
