Fintech News · 1 November 2026 · 2 min read
In short: UPI handled a record 25.47 billion transactions worth ₹31.53 lakh crore in October 2026, as per NPCI data. For the first time, the average daily value crossed ₹1 lakh crore (₹1,01,707 crore a day). Volume grew 23% from a year ago.
Festive shopping helped. October also had 31 days against 30 in September, which lifts the monthly total a little.
UPI in numbers
| Measure | September 2026 | October 2026 | Change |
|---|---|---|---|
| Transactions | 24.07 billion | 25.47 billion | +5.8% |
| Value | ₹29.37 lakh crore | ₹31.53 lakh crore | +7.4% |
| Daily average count | 802 million | 822 million | +2.5% |
| Daily average value | ₹97,913 crore | ₹1,01,707 crore | +3.9% |
Compared with October 2025, volume is up 23% and value is up 16%. App shares for October are not out yet. In September, PhonePe had 45.6% of volume, Google Pay 32.2% and Paytm 8.1%.
What about charges on UPI?
NPCI had planned a merchant discount rate (MDR), a fee that shops pay on some payments, from 15 October. On 13 October it put this off until after Diwali. A new date will be announced separately.
- The planned fee is 0.4% on person-to-merchant payments above ₹2,000, capped at ₹300 for payments of ₹75,000 and above.
- Payments of ₹2,000 or less, and transfers between people, are not covered.
- The fee is meant for merchants, not for you as the payer.
What it means for you
- Sending money to friends and family on UPI stays free.
- If the MDR starts, some shops may prefer cards or cash for big bills. Keep a backup payment option.
- More UPI use means more scams. Never enter your UPI PIN to receive money.
- Read our earlier report on how the MDR question affects fintech companies: Fintech IPO pipeline and UPI MDR uncertainty.
What to watch next
- NPCI’s notice on the new MDR start date.
- October app market share data, due in the coming days.
- November numbers, out on 1 December.
Sources
- Entrackr: UPI hits record 25.47 billion transactions in October
- NewsBytes: UPI average daily transactions exceed ₹1 lakh crore
- Business Standard: UPI volume dips 1.8% in September
This is a news summary for education, not investment advice. Figures are as reported on or before 1 November 2026; check official sources before making decisions.