UPI Transactions Surge by 8% to Rs 23.25 Lakh Crore in December, Projected 35% Growth in 2024
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New Delhi, Jan 1 (NationPress) In a remarkable achievement, the unified payments interface (UPI) transactions recorded an 8% increase (on-month) in volume, hitting 16.73 billion in December, according to data from the National Payments Corporation of India (NPCI) released on Wednesday.
The total UPI transaction value also rose by 8% to Rs 23.25 lakh crore, up from Rs 21.55 lakh crore in November.
Throughout 2024, UPI transaction volume saw a significant jump of nearly 46%, reaching 172 billion transactions, compared to 118 billion in 2023.
In terms of value, UPI transactions grew by 35% to approximately Rs 247 lakh crore last year, compared to Rs 183 lakh crore in 2023, as per NPCI data.
On an annual basis, UPI transactions experienced a 39% increase in volume and a 28% rise in value.
In December, the daily transaction count climbed to 540 million from 516 million in November, leading to an increase in daily value to Rs 74,990 crore from Rs 71,840 crore in November.
Additionally, the Immediate Payment Service (IMPS) transactions rose by 8% in December, reaching 441 million compared to 408 million in November.
In value terms, this amounted to Rs 6.02 lakh crore in December, up from Rs 5.58 trillion in November.
According to NPCI data, FASTag transactions increased by 6% in December to 382 million, compared to 359 million in November.
The value also grew by 9% to Rs 6,642 crore in December from Rs 6,070 crore in November.
Moreover, Aadhaar Enabled Payment System (AePS) transactions saw a 1% increase from 92 million in November to 93 million in December.
UPI has significantly contributed to enhancing financial inclusion and fostering equitable economic growth by providing underserved groups, including subprime and new-to-credit borrowers, with access to formal credit for the first time.
Currently, UPI is accepted in seven countries: France, the UAE, Singapore, Sri Lanka, Mauritius, Bhutan, and Nepal.
