New Delhi: Amid the ongoing GST 2.0 reforms, the Unified Payments Interface (UPI) recorded a 25 per cent year-on-year rise in transaction volume, reaching 20.70 billion in October, according to data released by the National Payments Corporation of India (NPCI) on Saturday. The total transaction value also saw a 16 per cent annual increase, touching ₹27.28 lakh crore.

On a month-on-month basis, UPI transactions grew from ₹24.90 lakh crore in September. The average daily transaction value in October stood at ₹87,993 crore, up from ₹82,991 crore in September, NPCI data showed.

The platform recorded an average of 668 million transactions per day in October, compared with 654 million in September. In September, UPI reported a 31 per cent year-on-year increase in transaction count at 19.63 billion, with a 21 per cent month-on-month rise in transaction value at ₹24.90 lakh crore in August.

Instant Money Transfer Service (IMPS) transactions also registered growth, rising 2 per cent year-on-year to ₹6.42 lakh crore in October and 6 per cent month-on-month from ₹5.97 lakh crore in September. The average daily IMPS transaction value climbed to ₹20,709 crore, up from ₹19,895 crore in the previous month.

UPI continues to dominate India’s digital payments ecosystem, with transactions surging 35 per cent year-on-year to reach 106.36 billion in the first half of 2025, according to Worldline’s India Digital Payments Report (1H 2025). The total value of these transactions stood at an impressive ₹143.34 lakh crore, underscoring the deep integration of digital payments into everyday life in India.

Person-to-merchant (P2M) transactions grew 37 per cent to 67.01 billion, driven by the so-called “Kirana Effect,” as small and micro businesses continue to form the backbone of India’s digital economy. India’s QR-based payment network also saw rapid expansion, more than doubling to 678 million by June 2025, a 111 per cent increase from January 2024.

IANS