Business EconomyPosted at: Nov 1 2026 2:01PM


UPI average daily transactions cross Rs 1 lakh crore for first time in October

New Delhi, Nov 1 (UNI) India's Unified Payments Interface (UPI) recorded a historic milestone in October, with its average daily transaction value crossing the Rs 1 lakh crore mark for the first time. The digital payments platform registered a cumulative transaction value of Rs 31.53 lakh crore during the month, supported partly by increased consumer spending during the festive season.
According to data available with the National Payments Corporation of India (NPCI), UPI processed 25.47 billion transactions in October, translating into an average of nearly 821 million transactions every day. Both monthly transaction value and average daily transaction value touched record highs, highlighting the growing adoption of digital payments across the country.
The previous record for average daily transaction value stood at approximately Rs 98,000 crore in September 2026. October also became the first month in which UPI transactions crossed the Rs 30 lakh crore mark. The earlier monthly record was Rs 29.9 lakh crore, registered in May this year.
Transaction volumes also witnessed an improvement. UPI's average daily transaction count increased to 821 million in October from 802 million in September. On a monthly basis, the platform processed 25.47 billion transactions, surpassing the previous high of 24.5 billion recorded in August.
The higher transaction activity comes amid increased retail spending during the festive season, when consumers typically step up purchases across categories such as electronics, apparel, groceries, automobiles, and other discretionary goods. October's 31-day calendar may also have contributed to the higher aggregate transaction numbers compared with months having fewer days.
The record growth in digital payments comes at a time when India's UPI ecosystem is preparing for a potential shift in its merchant pricing structure through the introduction of Merchant Discount Rate (MDR) charges on select transactions.
The NPCI had deferred the proposed implementation of MDR charges until after Diwali following representations from merchant associations, fintech companies and payment service providers. Industry participants had raised concerns that introducing transaction fees ahead of the festive shopping season could affect consumer sentiment and digital payment adoption.
The proposed framework involves an MDR of 0.4 per cent, or 40 basis points, on eligible merchant transactions exceeding Rs 2,000. MDR is a processing fee paid by merchants to banks and payment companies for facilitating digital transactions.
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