UPI Records 16.58 Billion Transactions Worth 23.5 Trillion in October

CIOTechOutlook Team | Thursday, 05 December 2024, 02:58 IST

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In October, UPI noted 16.58 billion transactions, with the transaction value reaching Rs 23.50 trillion. The number of transactions handled on the UPI platform in October was the largest since it started operating in 2016. Year over year, the platform saw a 38% increase in transaction volume and a 24% rise in transaction value.

The average daily transactions in November reached 516 million, with the average daily transaction value totaling Rs 71,840 crore. In October, the average number of daily transactions reached 535 million, and the average daily transaction value stood at Rs 75,801 crore. The Reserve Bank of India declared its decision to raise the UPI Lite transaction limit to Rs 1,000, with a total cap of Rs 5,000.

"For UPI Lite, the enhanced limits shall be Rs 1,000 per transaction with Rs 5,000 being the total limit. Replenishment of used limit shall be allowed only in online mode with AFA," said the central bank in a statement.

UPI Lite is a wallet enabling users to perform low-value transactions without the need for a UPI PIN. At present, UPI Lite users must manually top up their wallet balance from their bank account to keep making payments. Nonetheless, with the introduction of the auto-top-up feature, the National Payments Corporation of India (NPCI) seeks to simplify this procedure, removing the necessity for manual reloading.

In a press release dated August 27, 2024, NPCI said, "With this new feature, the UPI Lite balance will automatically be reloaded by an amount chosen by the user, not exceeding UPI Lite balance limit, whenever the balance falls below a minimum limit set by them."

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