In a new milestone, Unified Payments Interface (UPI) transactions recorded an 8% month-on-month growth in December 2024, with transaction volumes reaching 16.73 billion, according to data released by the National Payments Corporation of India (NPCI) on Wednesday.
The transaction value also surged by 8%, rising to ₹23.25 lakh crore from ₹21.55 lakh crore in November.
For the entire year 2024, UPI transactions saw impressive growth, with volumes soaring by 46% to 172 billion, compared to 118 billion in 2023.
In terms of transaction value, UPI registered a 35% increase, totaling nearly ₹247 lakh crore, up from ₹183 lakh crore in the previous year.
On an annual basis, UPI transactions recorded a 39% growth in volume and a 28% increase in value. The number of daily UPI transactions in December increased to 540 million, up from 516 million in November, with daily transaction value rising to ₹74,990 crore from ₹71,840 crore in the same period.
Other digital payment platforms also witnessed growth. The Immediate Payment Service (IMPS) transactions in December grew by 8% to 441 million, compared to 408 million in November, with transaction value rising to ₹6.02 lakh crore from ₹5.58 lakh crore.
FASTag transactions similarly grew by 6% in December, reaching 382 million, up from 359 million in November. The value of FASTag transactions rose by 9% to ₹6,642 crore from ₹6,070 crore in the previous month.
Aadhaar Enabled Payment System (AePS) transactions saw a modest 1% increase, rising from 92 million in November to 93 million in December.
UPI’s rapid expansion has played a key role in advancing financial inclusion, offering access to formal credit for underserved segments such as subprime and new-to-credit borrowers.
Furthermore, UPI’s international acceptance continues to grow, with the payment system now operational in seven countries: France, the UAE, Singapore, Sri Lanka, Mauritius, Bhutan, and Nepal.
The sustained growth of UPI highlights India’s leadership in the digital payments ecosystem and its impact on fostering equitable economic growth across the country.
(With an IANS input)