Mumbai: The Unified Payments Interface (UPI) recorded 516 million daily transactions in November 2024, but its monthly volume dropped to 15.48 billion from October’s 16.68 billion, according to data from the National Payments Corporation of India (NPCI). The value of these transactions also fell, standing at Rs 21.55 trillion, down from Rs 23.5 trillion in October.
The dip comes after October’s record high, driven by the festive season, but reflects a year-on-year (YoY) growth of 38% in transaction volume and 24% in value. This suggests that while November saw a slowdown, UPI remains a critical driver of digital payments in India.
Other digital payment systems also reported fluctuations during the month. Immediate Payment Service (IMPS) transactions declined, with 408 million transactions worth Rs 5.58 trillion, compared to the previous month. FASTag transactions saw an increase in volume, reaching 359 million, but their total value dropped slightly to Rs 60.7 billion. Aadhaar Enabled Payment System (AePS) transactions also decreased, with 92 million transactions recorded.
Despite the month-on-month decline, UPI continues to demonstrate strong growth. For the financial year 2024 (FY24), UPI achieved a milestone by surpassing 100 billion transactions for the first time, closing at 131 billion transactions worth Rs 199.89 trillion. This marks a substantial increase compared to FY23, which saw 83.76 billion transactions worth Rs 139 trillion.
Industry reports, including one by PwC India, highlight UPI’s growing dominance in the retail digital payments sector. By FY27, UPI is projected to handle 1 billion daily transactions, potentially accounting for 90% of all retail digital payment volumes.
The data underscores UPI’s role in shaping India’s digital economy, even as monthly fluctuations reflect seasonal trends.
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