UPI Hits Record 25.47 Bn Transactions in October, Daily Value Crosses INR 1 L.Cr

The Unified Payments Interface (UPI) processed a record 25.47 billion transactions worth INR 31.53 lakh crore in October 2026, according to data released by the National Payments Corporation of India (NPCI). Volume rose 5.8% month-on-month from 24.07 billion in September, and value rose 7.4% from INR 29.37 lakh crore.

On a daily basis, UPI processed an average of 822 million transactions in October, up 2.5% from 802 million in September. Average daily transaction value rose to INR 1,01,707 crore from INR 97,913 crore. Year-on-year, volume grew 23% and value grew 16%. October had 31 days against 30 in September.

UPI crossed 23 billion monthly transactions for the first time in May 2026, with 23.2 billion transactions worth INR 29.90 lakh crore. It processed 23.66 billion in July and a record 24.51 billion in August, before dipping to 24.07 billion in September.

PhonePe led the market in September with a 45.6% share of transaction volume, followed by Google Pay at 32.2% and Paytm at 8.1%. Together they handled nearly 86% of transactions through listed UPI apps. NPCI has not yet released the October app-wise breakdown.

Paytm founder Vijay Shekhar Sharma said on the company’s Q2 FY27 earnings call that Paytm aims to capture one-third of the UPI consumer payments market.

NPCI has deferred the implementation of the merchant discount rate (MDR) on select UPI transactions until after Diwali. The UPI and Services Steering Committee took the decision on October 13, and the framework was originally set to take effect on October 15. The revised date will be notified separately. The framework provides for a 0.4% charge on specified person-to-merchant transactions above INR 2,000, capped at INR 300 for transactions of INR 75,000 and above. Payments of INR 2,000 or less and person-to-person transactions remain outside the levy.