UPI Transactions Surge 38% Year-on-Year in November
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New Delhi, Dec 1 (NationPress) After reaching an unprecedented peak in October, the unified payments interface (UPI) transactions totaled 15.48 billion in November, reflecting a significant 38 percent year-on-year increase. The total transaction value hit Rs 21.55 lakh crore, representing a 24 percent YoY growth, according to data released by the National Payments Corporation of India (NPCI) on Sunday.
In October, UPI achieved a record of 16.58 billion transactions worth Rs 23.5 lakh crore, the highest volume since UPI's launch in April 2016.
The average daily transactions in November reached 516 million, with a daily transaction value of Rs 71,840 crore.
As per NPCI statistics, the Immediate Payment Service (IMPS) transactions totaled 408 million, with an overall transaction amount of Rs 5.58 lakh crore in November.
FASTag transactions experienced a 4 percent increase in volume, rising to 359 million from 345 million in October. Meanwhile, Aadhaar Enabled Payment System (AePS) transactions reached 92 million, valued at Rs 23,844 crore during the same period.
The government asserts that UPI has not only rendered financial transactions swift, secure, and hassle-free, but has also empowered individuals, small enterprises, and vendors, facilitating the country's transition towards a cashless economy.
This outstanding achievement underscores India's dedication to utilizing technology for inclusive growth and economic advancement.
“UPI has revolutionized digital payments in India with its unmatched convenience, security, and flexibility. By facilitating 24/7 transactions and providing features such as single-click payments and virtual addresses, it guarantees both ease and privacy for users. Its capability to integrate various banking services into a single application makes it a transformative force in financial technology,” stated the Ministry of Finance.
The incorporation of RuPay credit cards with UPI signifies another groundbreaking advancement in the realm of digital payments. This functionality allows users to benefit from both credit cards and UPI for transactions, enabling payments through credit lines instead of depleting savings accounts.
