Unified Payments Interface (UPI) transactions reached a record 25.47 billion in October 2026, worth ₹31.53 lakh crore, according to data released by the National Payments Corporation of India (NPCI) on 1 November 2026. Average daily value crossed ₹1 lakh crore for the first time, at ₹1,01,707 crore, as festive shopping lifted digital payments.
UPI transactions in October: the key numbers
October volumes rose 5.8% from 24.07 billion in September and cleared the previous monthly high of 24.51 billion set in August. Value grew 7.4% month-on-month, making October the first month in which UPI processed more than ₹30 lakh crore. The system handled an average of 822 million payments a day, up from 802 million in September.
- Volume: 25.47 billion transactions, up 23% year-on-year from about 20.7 billion in October 2025
- Value: ₹31.53 lakh crore, up 16% from about ₹27.27 lakh crore a year earlier
- Daily average: 822 million transactions worth ₹1,01,707 crore
- Banks live on UPI: 756 as of September, per NPCI product statistics
The milestone adds to UPI’s standing as the world’s largest real-time payment system, a position highlighted by Finance Minister Nirmala Sitharaman last week.
Why did value grow slower than volume?
Value rose 16% against a 23% rise in volume mainly because of the festival calendar. Dhanteras and Diwali fell in October last year but fall in November this year, so the biggest shopping days have not yet entered the data. Navratri and the large online sales did fall in October.
Reeju Datta, Co-founder of Cashfree Payments, noted that average payment size has now risen for two months in a row, after shrinking between April and August. Larger festive purchases are being paid for over UPI alongside everyday spending, and he expects activity to rise further in November.
What the data means for banks and other NPCI rails
For banks, UPI is now the main rail for everyday retail payments, which puts sustained load on their switches, fraud engines and customer-service teams during peak days. Other NPCI rails showed a mixed picture in October:
- IMPS: 375 million transactions, down 7% year-on-year, but value up 19% to ₹7.63 lakh crore
- FASTag: 454 million transactions worth ₹8,085 crore, up 12% in volume, recovering from a dip in September
- AePS: 102 million transactions, down 8% year-on-year, with value down 16%
The MDR question after Diwali
The record comes as the industry waits for a decision on charges for merchant payments. A merchant discount rate (MDR) on larger UPI payments, initially expected from 15 October, has reportedly been deferred until after Diwali. Akshay Mehrotra, MD and Group CEO of Fibe, said digital payments must stay affordable for consumers and merchants while the ecosystem remains commercially sustainable. The uncertainty is already weighing on India’s fintech IPO pipeline.
Key takeaways
- UPI processed a record 25.47 billion transactions worth ₹31.53 lakh crore in October 2026.
- Average daily value crossed ₹1 lakh crore for the first time.
- November should be stronger as Dhanteras and Diwali fall in that month, while a decision on UPI MDR is pending.
FAQ
How many UPI transactions were made in October 2026?
UPI processed 25.47 billion transactions worth ₹31.53 lakh crore in October 2026, according to NPCI data released on 1 November 2026.
Why did UPI value grow slower than volume year-on-year?
Dhanteras and Diwali fell in October in 2025 but in November in 2026, so the largest festive purchases are not yet reflected in the data.
Featured image: A sweet shop in North 24 Parganas, West Bengal, displaying UPI QR codes. Photo: Yooktashree barai / Wikimedia Commons (CC BY-SA 4.0).
