UPI Hits Record Transactions as Festive Spending Surges
India's UPI payment system reached a record 25.47 billion transactions in October, up 23% from a year earlier. The total value rose 16% to a record ₹31.53 lakh crore. Average daily value passed ₹1 lakh crore for the first time, as festive shopping lifted spending, according to NPCI data.
Quick glossaryNPCI, UPI, lakh crore, year-on-year
- NPCI
- The National Payments Corporation of India, the organisation that runs UPI and is best known for it.
- UPI
- A system that lets people send money instantly from one bank account to another using a phone app.
- lakh crore
- A unit used in India for very large amounts of money, equal to one trillion rupees.
- year-on-year
- Compared with the same month one year earlier, showing how much something grew over time.
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