UPI crosses record 25 billion transactions

MUMBAI: UPI transactions crossed the 25-billion mark for the first time in Oct, while average daily transaction value breached Rs 1 lakh crore for the first time, signalling continued growth in digital payments despite the debate over the introduction of merchant discount rate (MDR) charges.UPI processed 25.5 billion transactions worth Rs 31.5 lakh crore in Oct, compared with 24.1 billion transactions valued at Rs 29.4 lakh crore in Sept. Transaction volumes rose 5.8% month on month, while the value of payments increased 7.4%.The increase was also reflected in daily averages. Average daily transactions rose 2.5% to 822 million in Oct from 802 million in Sept, while average daily transaction value increased 3.9% to Rs 1,01,707 crore from Rs 97,913 crore. On a year-on-year basis, transaction volumes grew 23% in Oct, matching Sept’s growth rate. However, value growth moderated to 16% from 18% in Sept.The Oct numbers come amid a debate over the introduction of MDR charges, with some quarters raising concerns about the potential impact on merchant acceptance and cost of digital payments. The latest figures, however, show no immediate slowdown in aggregate UPI activity.