Unified Payments Interface (UPI) transactions saw an 8 per cent month-on-month increase in volume to 16.73 billion in December, the highest volume for the digital system since it became operational in April 2016. The value also increased by 8 per cent to Rs 23.25 trillion, up from Rs 21.55 trillion in November.
According to data from the National Payments Corporation of India (NPCI), for the year 2024, the volume increased by 46 per cent to around 172 billion transactions against 118 billion in 2023. In value terms, transactions increased by 35 per cent to around Rs 247 trillion during the entire year compared with Rs 183 trillion in 2023.
The transactions increased during the year due to a rise in person-to-merchant transactions (for buying goods or services). In October, UPI recorded 16.58 billion transactions worth Rs 23.5 trillion, its previous high in terms of volume and highest so far in value. In September, the volume was 15.04 billion, and the value stood at Rs 20.64 trillion.
Compared with November, the number of daily transactions also increased from 516 million to 540 million in December. This resulted in an increase in daily value to Rs 74,990 crore against Rs 71,840 crore in November. The December numbers were 39 per cent up in volume and 28 per cent in value versus December 2023.
Immediate Payment Service (IMPS) transactions were up by 8 per cent in December to 441 million against 408 million in November and 467 million in October. In value terms, this was Rs 6.02 trillion, up 8 per cent from Rs 5.58 trillion in November, and Rs 6.29 trillion in October. In volume terms, this was a 12 per cent decline compared with last year and a 6 per cent rise in value versus December 2023.
Also Read
WhatsApp Pay: What is it, how to enable it, competitors in India, and more
Why are Paytm shares down 4% on NSE today? Check reason here
NPCI extends market cap deadline for UPI apps by two years to end of 2026
As NPCI lifts limits, WhatsApp Pay can now extend UPI services to all users
NPCI delays UPI payments market share cap in relief for PhonePe, Google Pay
The number of daily transactions for December stood at 14.23 million, up 5 per cent from 13.6 million in November, which translated into a daily transaction value of Rs 19,405 crore against Rs 18,611 crore in November 2024.
FASTag transactions grew by 6 per cent in volume to 382 million in December, against 359 million in November, and 345 million in October. The value also increased by 9 per cent to Rs 6,642 crore against Rs 6,070 crore in November and Rs 6,115 crore in October. This was a 10 per cent growth in volume and 13 per cent in value compared with December 2023. The daily transactions in December increased by 3 per cent month-on-month to 12.32 million.
Aadhaar Enabled Payment System (AePS) transactions posted a marginal rise of 1 per cent from 92 million in November to 93 million in December. The value of transactions also increased marginally to Rs 24,020 crore compared with ~23,844 crore in November. In October, the volume stood at 126 million and value at Rs 32,493 crore.
The number of daily transactions was 3.08 million in November and 3.02 million in December. AePS transactions saw a 1 per cent fall in volume and 5 per cent in value compared with the year-ago period.
More From This Section
Rupee falls 5 paise to 85.69 against US dollar during early trade
Bank loan growth slows for fifth month in Nov amid stricter lending rules
Rupee tipped to weaken gradually amid dollar strength as 2025 kicks off
Premium
CRISIL analysis: Three things that could curb bank credit growth this year
RBI likely fine-tuned forex market intervention by slowing dollar sales