The Public Payments Corporation of India’s (NPCI) Unified Payments Interface (UPI) crossed one further corner in October, with the value of deals for the month crossing$ 100 billion.
In rupee terms, the value of deals stands at Rs7.71 lakh crore and 421 crore deals were executed in the month, both at each- time highs.
The growth in October was fueled by the shopping spree marking the morning of the jubilee season ande-commerce deals. With advanced vaccination rates and farther relaxation of morals, people also started stepping out for purchases more frequently inOctober.From March to September 2021, the average yearly growth rate of UPI deals was5.8 percent. Still, month-on-month growth in sale values in October was close to 18 percent. At this rate, UPI sale values are on track to cross$ 1 trillion, a huge corner for the home- grown payments system, forFY22.Since the morning of 2021, yearly sale values have grown by close to 79 percent from Rs4.31 lakh crore in January. Volumes have seen a jump of over 83 percent from January’s 230 crore.
While it took over four times since the launch of UPI in 2016 for yearly sale values to cross the Rs3.86 lakh crore mark in October 2020, the number nearly than doubled to cross Rs 7 lakh crore this month.
Speaking at the Global Fintech Fest on September 29, NPCI MD and CEO Dilip Asbe had said that UPI would constitute close to 60 percent of overall NPCI sale volumes in 2021.

He’d added that at the current pace, UPI can cross deals worth$ 1 trillion a day in five times’ time but that sweats can be doubled up to achieve the corner in just three further times
.