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📈 Economy UPSC 2 Nov 2026 1 min read

UPI Crosses ₹1 Lakh Crore Daily Average Value for the First Time in October

Quiz (3) Mains (1) Comments

Key Facts

According to NPCI data, UPI processed about 2,547 crore transactions worth ₹31.53 lakh crore in October 2026. This took the average daily value of UPI payments above ₹1 lakh crore for the first time. The festive season, wider acceptance among small merchants and the shift of routine payments to mobile apps contributed to the growth.

GK Context

The Unified Payments Interface (UPI) was launched in April 2016 by the National Payments Corporation of India (NPCI), an umbrella organisation for retail payments set up by the RBI and the Indian Banks' Association as a not-for-profit Section 8 company. UPI is built over the Immediate Payment Service (IMPS) infrastructure and lets users link multiple bank accounts to one mobile app with a virtual payment address. UPI services have been extended to countries such as Singapore, UAE, France, Sri Lanka, Mauritius, Nepal and Bhutan.

Test yourself

Mains Questions (1)

1 10 Marks 150 Words

UPI has transformed retail payments in India. Discuss its benefits and the risks that arise from rapid scaling, including concentration among a few apps and digital fraud.

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Daily Current Affairs & Mock Tests

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CurrentIQ is India’s dedicated digital learning ecosystem crafted specifically for aspirants targeting competitive examinations including UPSC Civil Services (IAS/IPS), TNPSC Group 1, Group 2, Group 4, SSC CGL/CHSL, Banking (IBPS/SBI PO & Clerk), and State PSCs.

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