New Delhi, Nov. 4 -- India's Unified Payments Interface (UPI) processed a record 25.47 billion transactions worth Rs.31.53 lakh crore in October, with the average value of payments rising for a second consecutive month as festive purchases lifted digital spending. The platform handled more than Rs.1 lakh crore in payments a day for the first time, according to data from the National Payments Corporation of India (NPCI).

UPI transaction volume rose 23% year-on-year in October, while transaction value grew 16%. The gap between the two rates suggests that the increase in payment frequency outpaced the rise in the amount spent per transaction.

On a month-on-month basis, transaction volume increased from 24.07 billion in September to 25.47 b...