The Unified Payments Interface (UPI) platform achieved a historic milestone on October 18, processing 754 million transactions totalling ₹1.02 lakh crore, becoming the highest single-day value to date. This surge in digital payments coincided with the festive period between Dhanteras and Diwali, during which average daily UPI transactions increased to 736.9 million, up from 647.46 million in the same period the previous month.
Finance Minister Nirmala Sitharaman attributed the uptick to the recent Goods and Services Tax (GST) rate cuts, which have enhanced consumer purchasing power and stimulated demand across various sectors. The GST 2.0 reforms, including the rationalisation of tax slabs and reduction of rates on numerous consumer goods, have provided tangible savings for households, thereby boosting consumption.
Also Read: No GST on UPI Transactions Above ₹2,000, Finance Ministry Dismisses Media Reports as Misleading
The Confederation of All India Traders (CAIT) reported that Diwali sales reached an unprecedented ₹6.05 lakh crore this year, marking a 25% increase over the previous year’s festive sales. This growth underscores the positive impact of GST reforms on retail activity, with both mass-market and premium segments witnessing increased consumer spending.
The robust performance of UPI during this period highlights the platform’s pivotal role in facilitating seamless digital transactions and reflects the broader economic benefits of tax reforms in driving consumer confidence and spending.
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