UPI hits record 25.47 bn transactions worth ₹31.53 lakh crore in October
Daily UPI value crossed ₹1 lakh crore for the first time, while the planned merchant fee waits until after Diwali.
The 30-second read
- UPI processed 25.47 billion transactions worth ₹31.53 lakh crore in October 2026, a record.
- Average daily value was ₹1,01,707 crore, the first time above ₹1 lakh crore.
- NPCI has put off the merchant fee (MDR) on select P2M payments until after Diwali. A new date is awaited.
IllustrationUPI set a new high in October 2026, with 25.47 billion transactions worth ₹31.53 lakh crore, as reported by Entrackr, Inc42 and Indian Startup News. The daily average value was ₹1,01,707 crore, the first time it went above ₹1 lakh crore. Daily average volume was 822 million, up from 802 million in September. The National Payments Corporation of India (NPCI) released the data, first reported by Entrackr. Indian Startup News says this happened on 1 November.
Month on month, volume rose 5.8% from 24.07 bn and value rose 7.4% from ₹29.37 lakh crore, first reported by Entrackr. Year on year, volume grew 23% and value grew 16%. Indian Startup News first reported the October 2025 base: 20.70 billion transactions worth ₹27.28 lakh crore. October also had 31 days against 30 in September.
The fee question is still open. NPCI deferred the merchant discount rate (MDR) on select person-to-merchant (P2M) UPI payments, which was due from 15 October. The UPI and Services Steering Committee decided this on 13 October. In a statement first reported by Indian Startup News, NPCI said: "UPI and Services Steering Committee today decided that, keeping in mind the festive season, Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions, shall be implemented immediately post Diwali at a date to be notified separately".
The planned MDR is 0.4% on P2M payments above ₹2,000, capped at ₹300 for payments of ₹75,000 and above. Brokerage estimates reported by Business Standard, and first picked up by Indian Startup News, put the yearly MDR pool at ₹15,000 crore to ₹20,600 crore. In September, PhonePe held 45.6% of UPI, Google Pay 32.2% and Paytm 8.1%. Vijay Shekhar Sharma, Paytm founder and CEO, says Paytm aims to win one-third of the UPI consumer payments market.
Why it matters
UPI festive-season use is at a record just before a fee on merchant payments above ₹2,000. The fee will affect merchants, banks and apps like PhonePe, Google Pay and Paytm.
The data
| Month | Volume | Value |
|---|---|---|
| October 2026 | 25.47 billion | ₹31.53 lakh crore |
| September 2026 | 24.07 billion | ₹29.37 lakh crore |
| October 2025 | 20.70 billion | ₹27.28 lakh crore |
