This festival of lights, UPI lit the biggest fireworks
Diwali night this year, the country's digital payment highway-Unified Payment Interface (UPI)-recorded a massive 644 million transactions exceeding its daily average by over a fifth on October31.
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Data from the National Payments Corporation of India, which runs UPI, shows that transactions on the festival day were 20-25% higher than the normal daily average of 510-520 million transactions.
The spike in ecommerce transactions with purchases ranging from pet products to books, new digital media subscriptions and even holidays contributed to the upsurge in online payments, according to industry data. Online retailers and digital payment companies had been recording brisk sales right through the festive month, running up to Diwali. On the day of Dhanteras, October 29, NPCI recorded 565 million UPI transactions, followed by another 546 million transactions on October 30.
All three days recorded heightened economic activity and in turn, digital payment transactions compared to the daily average of UPI payments.
«The Diwali month is typically characterised by a surge in consumer demand, aggressive marketing and discounts by retailers, increased demand for gold and jewellery, and fewer working days,» said Nomura in a research report titled India: Taking the festive consumption pulse, published on November 5.
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