The Unified Payments Interface (UPI), India’s real-time digital payment system, is on track for a record-breaking October, driven by Diwali festivities and lower goods and services tax (GST) rates.

According to the National Payments Corporation of India (NPCI), which operates the platform, the average daily value of UPI transactions has surged 13 percent over September, reaching Rs 94,000 crore, with over a week still remaining in the month. This marks one of the highest month-on-month growth rates for UPI in recent years, a system that now accounts for 85 percent of all digital transactions in India.

Transaction volumes hit new highs

UPI volumes have repeatedly touched record levels this month. On Diwali eve, the platform recorded a historic 740 million transactions in a single day. Th

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