In October 2024, India’s Unified Payments Interface (UPI) achieved a remarkable milestone, recording 16.58 billion transactions valued at approximately US$ 279.4 billion (Rs. 23.5 trillion). This marks the highest monthly transaction figures since the launch of UPI in 2016, showcasing the increasing adoption of digital payment methods in the country. The surge in transactions is largely attributed to the festival season, which traditionally sees a spike in person-to-merchant transactions.

Compared to September, when UPI recorded 15.04 billion transactions worth around US$ 245.4 billion (Rs. 20.64 trillion), October's figures represent a 10% rise in transaction volume and a 14% increase in value. This growth highlights the growing consumer confidence in digital payment systems and their convenience, especially during periods of increased spending.

In terms of daily performance, UPI transactions averaged over 535 million in volume and approximately US$ 9.0 billion (Rs. 75,801 crore) in value throughout October. Year-over-year comparisons reveal a substantial growth of 45% in transaction volume and 37% in value, according to data from the National Payments Corporation of India (NPCI).

Beyond UPI, other digital payment systems have also seen significant increases in usage during this festive period. The Immediate Payment Service (IMPS) reported a 9% rise in transactions, reaching 467 million, with a value increase of 11% to approximately US$ 74.7 billion (Rs. 6.29 trillion). This growth illustrates the robustness of IMPS as a reliable method for instant fund transfers.

Additionally, FASTag transactions grew by 8% in both volume and value, totaling around 345 million transactions and reaching approximately US$ 733 million (Rs. 6,115 crore). This increase reflects the growing adoption of electronic toll collection systems, simplifying travel across national highways.

The Aadhaar Enabled Payment System (AePS) also saw impressive growth, recording 126 million transactions in October, a 26% increase in volume and a 35% rise in value, totaling approximately US$ 3.88 billion (Rs. 32,493 crore). This highlights the increasing utilization of Aadhaar-linked payment solutions, enhancing financial inclusion across the country.

Overall, the sustained growth in digital payments during the festive season underscores India’s shift towards a cashless economy. With the UPI system leading the charge, supported by other digital payment methods, the country is well on its way to enhancing the accessibility and efficiency of financial transactions. As more consumers and merchants embrace these technologies, the future of digital payments in India looks promising.

India's digital payment landscape continues to evolve, driven by innovation and increasing consumer acceptance, reinforcing its position as a global leader in digital finance.

The Upcoming IPOs in this week and coming weeks are Archit Nuwood Industries Limited, Swiggy, ACME Solar Holdings, Sagility India, Neelam Lines and Garments, Niva Bupa Health, Rosmerta Digital, NTPC Green, Avanse Financial.

For more insights into financial trends , visit our Top News Headlines. You can also explore investment opportunities in the market and apply for upcoming IPOs through our Best IPO to Apply Now section.