UPI Hits Record ₹1.02 Lakh Crore Transactions on Diwali Day

A record ₹1.02 lakh crore worth of transactions were made through the Unified Payments Interface (UPI) on October 18 due to Diwali and the festive season. Finance Minister Nirmala Sitharaman said that a total of 75.4 crore transactions were made on this day. Furthermore, consumer demand has seen a sharp increase during the festive season following the reduction in GST rates.

The average number of UPI transactions increased to 73.69 crore over the three days between Dhanteras and Diwali. This exceeds the 647.4 million reported in the same period last month. The Finance Minister said that this year, retail businesses have had a cracker Diwali, as the reduction in GST rates has increased the purchasing power of middle-class consumers. The implementation of GST 2.0 has given a new impetus to the country's economy, facilitating ease of doing business. The reduction in rates has benefited families from real savings and increased market demand.

The Indian payment system has seen significant growth in recent years. In the first six months of 2025, the share of digital payments in total transactions has reached 99.8%. In five years, digital payments in India have increased by 6.6 times in number and 1.6 times in value. This represents a five-year compounded growth rate of 46% in terms of quantity.