Average daily value of UPI transactions exceeded 1 trillion rupees in October
Read more
Business Standard
business-standard.com

Average daily value of UPI transactions exceeded 1 trillion rupees in October

In October, the average daily value of transactions through the Unified Payments Interface (UPI) for the first time surpassed the 1 trillion rupee mark, coinciding with the start of the festive season. During this month, the average daily volume reached 822 million transactions, which is also the highest figure recorded for UPI.

A total of 25.47 billion transactions were processed in October, approximately 23 percent more than the 20.7 billion transactions registered in October 2025. The total transaction value in October 2026 reached 31.53 trillion rupees, exceeding the 27.27 trillion rupees processed in October 2025 by 16 percent.

The relevance of data on UPI volume and value is increasing amid discussions regarding the proposed Merchant Discount Rate (MDR), which is planned to be introduced for certain 'person-to-merchant' (P2M) transactions after Diwali.

Reasons for Transaction Growth

Ridhu Datta, co-founder of Cashfree, attributed this growth to the festive season acting as a driving force for increased volumes. She noted that October saw a surge in purchases during Navratri and major online sales, as people used UPI for both daily payments and larger festive acquisitions. According to her, from April to August, the number of UPI payments grew continuously, but their daily value remained stable, and the average payment size decreased. In September and October, the payment value began to grow faster than the number of payments, and the average payment size increased for two consecutive months.

In September, 24.06 billion transactions totaling 29.37 trillion rupees were processed. Previously, in August, 24.5 billion payments totaling 29.82 trillion rupees were made.

Industry leaders emphasized that the long-term sustainability of the payment system is crucial, especially during peak consumption periods like festivals. Akshay Mehrotra, Managing Director and Group CEO of Fibe, noted that the proposed MDR structure, initially planned for October 15 but reportedly postponed until after Diwali, raises an important question for society about the long-term viability of India's digital payment infrastructure. He added that while supporting the accessibility of digital payments for both consumers and sellers is important during peak transaction volume periods, ensuring the commercial sustainability of the entire ecosystem is equally vital.

Similar stories

Trading volume on the Uzbek Republican Commodity Exchange grew by 29% in the first nine months of 2026
Read more
uzdaily.uz

Trading volume on the Uzbek Republican Commodity Exchange grew by 29% in the first nine months of 2026

From January to September 2026, the transaction volume on the trading platforms of the Uzbek Republican Commodity Exchange (UZEX) increased by 29% compared to the same period last year. Over these nine months, more than 1.7 million deals were concluded, and the number of newly registered clients exceeded 27,600.

Representatives of UZEX presented the results for the reporting period at a press conference held at the exchange's headquarters on October 30. The event also discussed changes in trading mechanisms, the development of digital services, and the implementation of artificial intelligence technologies.

The segments of trade at exhibitions and fairs showed the largest growth, with transaction volumes increasing by 68%. Trading on the exchange grew by 31%, and electronic public procurement by 32%.

The volume of foreign trade operations during this period exceeded 646.6 million US dollars, more than tripling compared to the previous year. Among the main goods involved in the transactions, agricultural products accounted for the largest share (30%), and energy and fuel products made up 29%.

Metals (ferrous and non-ferrous) accounted for 22% of the volume, chemical and petrochemical products for 11%, and construction materials for 8%.

Over the nine months, 312,800 tons of liquefied petroleum gas (LPG) were sold through electronic exchange trading, which is 22.3% more than in 2025. In October, the average price per ton decreased from 11.5 million to 10.3 million soms, corresponding to a 10% drop.

The total value of precious metal sales through exchange trading reached 9,471.8 kg, including 8,840.9 kg of gold and 630.9 kg of silver. The average exchange price of gold was 1.637 million soms per gram.

In the sector of electronic public procurement using the Xarid system, savings for corporate and budgetary buyers reached 6.8 trillion soms. An important part of the exchange's digital modernization was the launch of the updated Xarid public procurement platform, which now includes improved search functions and new tools for analyzing prices of goods and services.

Artificial intelligence technologies were also implemented, allowing users to receive answers to their questions in real time. The updated platform is available at new-xarid.uzex.uz. Additionally, UZEX launched a centralized procurement mechanism and a specialized electronic platform for the pharmaceutical industry—farma.uzex.uz.

Artificial intelligence is used for automated moderation and evaluation of announcements posted by entrepreneurs in national and electronic online stores, which has accelerated application processing and increased the efficiency of trading platforms.

The Mobilraqam online auction platform for mobile phone numbers expanded its activities, selling about 5,000 numbers during the reporting period. Of these, 96% of purchases were made by private individuals, and 4% by legal entities. The price range varied from 31,500 to 317.2 million soms.

The functionality of Mobilraqam was expanded: registered participants can now choose a mobile operator and submit electronic applications to purchase numbers. Individuals and legal entities can also list their numbers for sale through online auctions or the Tezkor Bitim (Quick Deal) mechanism.

Another area of development was the expansion of Uzbek business access to international futures markets. According to Cabinet of Ministers Decree No. 82 of February 27, 2026, Uzbekistan introduced a regulated mechanism allowing local enterprises to participate in international futures trading.

To implement this initiative, UZEX jointly created the joint venture UZEX GLOBAL with the Singaporean investment group PhillipCapital. It allows local market participants to trade futures contracts on copper, wheat, cotton, oil, gold, and other raw materials on international exchanges managed by CME Group, ICE, LME, JPX, and SGX. These instruments also allow market participants to manage risks associated with commodity price fluctuations, including through hedging.

UZEX plans to continue developing the infrastructure of the national exchange, expanding electronic services, improving trading mechanisms, and implementing digital solutions. Priorities also include increasing trading transparency and strengthening international cooperation.

Share of national currency settlements in EAEU reached 93.5%
Read more
sputniknews.uz

Share of national currency settlements in EAEU reached 93.5%

According to data presented at the meeting of the Council on Monetary Policy of the central banks of the member states of the Eurasian Economic Union (EAEU), the share of settlements in national currencies for the export and import of goods and services in 2025 was 93.5%.

This was reported by Roman Golovchenko, Chairman of the Board of the National Bank of Belarus, at the meeting of the Council on Monetary Policy of the central (national) banks of the EAEU member states. According to him, in the first eight months of the current year, the volume of mutual trade between EAEU countries reached $67.6 billion, an increase of 11.5% compared to the same period last year.

Forecasts indicate that the volume of mutual trade this year will grow by 10%, reaching almost $106 billion. Roman Golovchenko emphasized that this speed of mutual trade confirms the economic stability of the EAEU countries, including their ability to withstand external pressure, as well as the need for integration ties.

Participants of the meeting discussed the current economic situation in the EAEU countries, the process of implementing monetary and credit policy, and exchanged experiences in combating illegal payment operations. Furthermore, they considered the experience of using central bank digital currencies of EAEU countries and the prospects for their implementation, as well as issues of virtual asset regulation.

The Eurasian Economic Union (EAEU) is an international economic association that has been operating since January 1, 2015. The Union includes countries such as Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Uzbekistan obtained observer status in the EAEU in 2020. Cuba and Iran are also observers.

Popular