UPI hits 25.47 billion transactions, value tops ₹31.53 lakh crore
- UPI recorded 25.47 billion transactions in October 2026.
- Total transaction value reached a record ₹31.53 lakh crore.
- Festive season spending boosted transaction volumes by 23% year-on-year.
- NPCI deferred the implementation of the merchant discount rate until after Diwali.
The total value of these transactions reached ₹31.53 lakh crore, which is the first time the monthly value surpassed ₹30 lakh crore.
This growth in digital payments occurs alongside broader economic trends, including a central government fiscal deficit of 3.9% of GDP for the April-September period. The government expects to reach its 4.3% of GDP fiscal deficit target for the full year through the re-prioritisation of spending.
Higher direct-tax collections from advance-tax payments helped offset increased interest payments and capital expenditure in August. Meanwhile, the consumer spending environment reflects expectations for the media sector, with Elara Capital projecting PVR INOX ticket revenue for H2FY27 to reach ₹1,930 crore, a 6% year-on-year increase.
PVR INOX reported ticket revenue of ₹1,820 crore for H2FY26 and ₹820 crore for Q4FY26. The company’s theatre occupancy rate was 30.4% in Q2FY27, with expectations for Q3FY27 occupancy to be 28–29% or higher. Annual occupancy rates were 23% for fiscal year 2025 and 26.2% for fiscal year 2026.
Projections for specific film collections include ₹1,400 crore for Ramayana and Avengers: Doomsday combined in domestic net collections. Drishyam 3 and Jailer 2 have collectively delivered ₹800 crore in India net collections. The film Ramayana is scheduled for release across 7,000 to 8,000 screens in India.
Festive season spending fuels record UPI usage
The rise in UPI transaction volume during October 2026 stems from higher consumer spending throughout the festive season. Shoppers increased their activity across several key retail categories including automobiles, consumer electronics, and apparel.
Online retail platforms also saw an increase in transaction activity during this period. Fortuneindia.com reported these trends on November 2, 2026.
Average daily transaction value exceeds ₹1 lakh crore
The average daily transaction value on UPI reached ₹1,01,707 crore in October 2026. This milestone marked the first time the daily value crossed the ₹1 lakh crore mark.
The recorded daily value for October was 3.9% higher than the ₹97,913 crore recorded in September 2026.
UPI volume grows 23% year-on-year
UPI transaction volumes increased by 23% year-on-year in October 2026.
The platform also recorded a 5.8% increase in transaction volume on a month-on-month basis.
Monthly transaction value rises 7.4% sequentially
Total transaction value rose 7.4% sequentially from the ₹29.37 lakh crore recorded in September 2026.
Compared to the ₹27.18 lakh crore recorded in October 2025, the total transaction value grew 16%.
NPCI defers merchant discount rate implementation
The policy was originally scheduled for implementation on October 15 but was moved to a date after the Diwali festival due to the festive season.
Monthly volume trends from July to September
Transaction volumes in the months leading up to October 2026 were 23.66 billion in July and 24.51 billion in August.
In September 2026, UPI processed 24.07 billion transactions.
Daily transaction volume increases to 822 million
The average daily transaction volume reached 822 million in October 2026.
This figure represents a 2.5% increase compared to the 802 million transactions recorded daily in September 2026.
Frequently Asked Questions
- UPI transactions cross 25-billion mark for first time in October; value touches ₹31.53 lakh crore (fortuneindia.com)
- India likely to meet FY27 fiscal deficit target despite spending pressures: Goldman Sachs (government.economictimes.indiatimes.com)
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