New Delhi, Oct 22: The Unified Payments Interface (UPI) in India is experiencing a festive season boom, with the average daily transaction value rising 13% to reach Rs 94,000 crore in October.

This is driven by Diwali spending and recent GST rate cuts, marking one of the strongest month-on-month growth trends for UPI in recent years. UPI, which powers nearly 85% of all digital payments in India, has also seen its daily transaction volumes hit new highs.

By October 20, UPI crossed the Rs 1 lakh crore mark in daily transaction value six times, double the number of days compared to September.

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