The Unified Payments Interface (UPI) has reported a new high by registering over 482 million transactions volume in October. This is a growth of around 19 percent from the previous month.
The UPI transactions reported in October were worth Rs 74,978.27.
Data further reveals that an 18.84 percent increase in transaction volume and 25 percent increase in transaction value have been reported as compared to the previous month.
While the number of UPI transaction reported in September declined, the transaction volume has recorded a significant rise.
In September, UPI had recorded over 30 percent rise in transaction volume and 10 percent spike in transaction value.
The decline in the number of UPI transactions in September could have been the effect of National Payments Corporation of India (NPCI) strict action to control multiple transactions performed by the same account through Artificial Intelligence.
The rule was revised by NPCI and only 10 transactions per bank account for the peer-to-peer (P2P) segment is allowed in a span of 24 hours.