UPI Sets New Record with 16.73 Billion Transactions in December

As per the NPCI (National Payments Corporation of India) report, India’s UPI (Unified Payment Interface) transactions manifest upward trend. It rose to 8% month-on-month to hit a record of 16.73 billion in December. The UPI transaction volume in November was  15.48 billion.

The value of UPI transactions also witnessed a surge of 8% to Rs 23.25 lakh crore, up from Rs 21.55 lakh crore in November. The entire year saw  172 billion transactions made through UPI, marking a 46% increase from 118 billion in 2023.

In value terms, UPI transactions grew by 35% to nearly Rs 247 lakh crore last year, which was Rs 183 lakh crore in 2023, as per the data.  Considering the annual amount, UPI transactions saw a 39% growth in volume and a 28% increase in value.

The data also showed that Immediate Payment Service (IMPS) transactions went up  by 8% in December to 441 million against 408 million in November and 467 million in October. In value terms, this was Rs 6.02 lakh crore, up 8% from Rs 5.58 lakh crore in November, and Rs 6.29 lakh crore in October.

The data also revealed FASTag transactions. It grew by 6% in volume to 382 million in December, what was 359 million in November, and 345 million in October. The value also increased by 9% to Rs 6,642 crore against Rs 6,070 crore in November and Rs 6,115 crore in October.