UPI hits record 25.47 billion transactions in October, daily value crosses Rs 1 lakh crore

Unified Payments Interface (UPI) processed a record 25.47 billion transactions worth Rs 31.53 lakh crore in October 2026, according to data released by the National Payments Corporation of India (NPCI).

The October transaction volume grew 5.8% month-on-month (M-o-M) from 24.07 billion transactions processed in September. Transaction value also increased 7.4% from Rs 29.37 lakh crore in September.

October’s transaction volume rose 5.8% month-on-month, with the month having 31 days compared with 30 days in September. On a daily basis, UPI processed an average of 822 million transactions in October, a 2.5% increase from 802 million in September. The average daily transaction value also rose to Rs 1,01,707 crore from Rs 97,913 crore in September.

On a year-on-year basis, UPI transaction volume grew 23%, while transaction value increased 16% in October.

UPI crossed the 23 billion monthly transaction mark for the first time in May 2026 with 23.2 billion transactions worth Rs 29.90 lakh crore. It then processed 23.66 billion transactions in July, followed by a record 24.51 billion transactions in August. The monthly volume declined to 24.07 billion in September before reaching a new high in October.

PhonePe led the UPI market in September with a 45.6% share of transaction volume, followed by Google Pay at 32.2% and Paytm at 8.1%, according to NPCI data. The three apps together accounted for nearly 86% of transactions through listed UPI apps. The October app-wise breakdown has not been released yet.

Meanwhile, Paytm founder Vijay Shekhar Sharma said the company aims to capture one-third of the UPI consumer payments market. The target was outlined during Paytm’s Q2 FY27 earnings call, where Sharma said consumer market share was a key priority for the company.

Last month, NPCI deferred the implementation of the merchant discount rate (MDR) on select UPI transactions until after Diwali. The revised implementation date will be notified separately.

The decision was taken by the UPI and Services Steering Committee on October 13, keeping the festive season in mind. The framework was originally scheduled to take effect from October 15.

The MDR framework provides for a 0.4% charge on specified person-to-merchant transactions above Rs 2,000, with a cap of Rs 300 for transactions of Rs 75,000 and above. UPI payments of Rs 2,000 or less and person-to-person transactions will remain outside the levy.