UPI hits record 25.47 billion transactions as TVS surges in EVs

India's Unified Payments Interface (UPI) processed a record 25.47 billion transactions in October, up 23% from a year earlier. The total value rose 16% year on year to a record Rs 31.53 lakh crore.

Daily activity also climbed. Average daily transactions reached 822 million, up from 802 million in September, while the average daily value hit a record Rs 1.01 lakh crore, compared with Rs 97,913 crore the previous month. Volumes peaked at 873 million transactions on October 9, just ahead of Navratri.

Electric two-wheeler market shifts

The month also brought a reshuffle in electric two-wheeler registrations. TVS Motor nearly doubled its registrations to 60,433 units, lifting its market share to 27% from 20.6% a year ago. Hero MotoCorp raised its share to 13.4% from 10.9%, while Bajaj Auto held steady at nearly 22%.

The newer pure-play brands fared worse. Ola Electric's registrations fell 26% year on year to 12,096 units, and its share dropped to 5.4% from 10.9%. Ather Energy grew registrations 5% to 31,796 units, but its share slipped to 14.2% from 20%, as larger incumbents grew faster.

What is driving demand

The sector points to several factors behind the growth: improvements in the charging ecosystem, greater awareness about electric vehicles, and fuel inflation, particularly following the West Asia crisis. Manufacturers have also broadened their product portfolios to reach a wider set of consumers.

For users and investors, the two data sets underline the same trend: digital payments keep expanding at a double-digit pace, and the electric two-wheeler market is increasingly being shaped by established manufacturers with wide ranges rather than by the early start-up leaders.