₹90,000 crore transactions every day! New UPI figures shock the nation; payment soundbox rang 21 billion times in December
New Delhi (The Uttam Hindu): Unified Payments Interface (UPI) transactions witnessed a massive surge in December, highlighting India’s rapidly growing digital payment ecosystem. According to data released by the National Payments Corporation of India (NPCI) on Thursday, UPI recorded 21.63 billion transactions during the month, marking a 29% year-on-year increase.
The total transaction value also jumped sharply by 20%, reaching ₹27.97 lakh crore, reflecting growing public trust and widespread adoption of digital payments across the country.
On a daily average, UPI processed transactions worth ₹90,217 crore in December, up from ₹87,721 crore in November. The number of daily transactions also rose to 698 million (around 69.8 crore), compared to 682 million in the previous month.
In November, UPI had recorded 20.47 billion transactions, showing an annual growth of 32%, while the total transaction value stood at ₹26.32 lakh crore, registering a 22% increase.
IMPS transactions also rise
Alongside UPI, the Immediate Payment Service (IMPS) also saw notable growth. In December, IMPS transactions touched ₹6.62 lakh crore, which is 10% higher year-on-year and above November’s ₹6.15 lakh crore.
The total number of IMPS transactions increased to 380 million, compared to 369 million in November. On a daily basis, IMPS handled transactions worth ₹21,269 crore, up from ₹20,506 crore the previous month.
QR codes fuel digital payments boom
A recent report revealed that India now has 70.9 crore active UPI QR codes, reflecting a 21% increase since July 2024. With QR codes becoming common at kirana stores, medical shops, bus stands, railway stations, and even in rural areas, scan-and-pay has become an everyday habit nationwide.
The report also highlighted that Person-to-Merchant (P2M) transactions have overtaken Person-to-Person (P2P) payments, indicating increased use of UPI for daily shopping and services.
P2M transactions rose 35% to 37.46 billion
P2P transactions increased 29% to 21.65 billion
The average transaction value dropped to ₹1,262 from ₹1,363, showing that people are increasingly using UPI for small-ticket payments such as travel, food, medicines, and local purchases.
Digital Public Infrastructure strengthens India
India’s Digital Public Infrastructure (DPI) continues to play a crucial role in bridging the gap between urban and rural India, making digital services accessible to all. This rapid expansion has positioned India as one of the world’s strongest digital payment economies, driven by convenience, speed, and trust.