UPI volume jumps 13% in October as festive demand and GST cuts accelerate digital payments momentum

Unified Payments Interface (UPI) transactions in India posted a 13% rise in October, setting a new monthly all-time record driven by festive season purchases and transaction uplift following GST slab realignment. Analysts said this reinforces the structural shift toward cashless consumer spending, with merchant QR acceptance expansion and low-friction bank integrations sustaining ecosystem scale. The surge highlights India’s increasing digital financial inclusion maturity, aided by smartphone expansion, Aadhaar-linked identity rails, account aggregator adoption and rapid onboarding across tier-2 and tier-3 locations fueling higher transaction throughput.