In October, digital transactions in India saw a significant increase, with UPI transactions hitting record numbers. The National Payments Corporation of India reported a 10% increase in volume and 14% in value compared to September. Daily UPI transactions crossed 535 million, with transactions worth Rs 75,801 crore. IMPS and FASTag transactions also saw growth, indicating a shift towards digital payments. The surge in digital transactions has led to a decline in cash usage, with digital payments accounting for a larger share of consumer expenditure. UPI transactions have played a key role in this shift, with transaction volume and value increasing significantly in the first half of this year.
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