UPI Transactions Climb 8 Per Cent To Hit Record High Volume Of 16.73 Billion In December

In terms of value, the number of UPI transactions surged 8 per cent to Rs 23.25 trillion, against Rs 21.55 trillion logged in November 2024. 

For 2024, the volume of UPI transactions jumped by 46 per cent to nearly 172 billion transactions, while 118 billion transactions were recorded in 2023, the data showed.

Source : Paytm

The Unified Payments Interface (UPI) transactions in India climbed 8 per cent in December in comparison to the previous month. Official data from the National Payments Corporation of India (NPCI) showed that the UPI transactions in terms of volume climbed to 16.73 billion in December.

This marked the highest volume seen for the digital system ever since it became functional in April 2016, reported Business Standard. In terms of value, the number of UPI transactions surged 8 per cent to Rs 23.25 trillion, against Rs 21.55 trillion logged in November 2024. 

For 2024, the volume of UPI transactions jumped by 46 per cent to nearly 172 billion transactions, while 118 billion transactions were recorded in 2023, the data showed.

In terms of value, the transactions in the year rose by 35 per cent to about Rs 247 trillion, against Rs 183 trillion clocked in the preceding year.

The surge in transactions during the year was attributed to a hike in person-to-merchant transactions, which is typically done for buying goods or services. Notably, UPI transactions in October stood at 16.58 billion, worth Rs 23.5 trillion, while the volume of transactions in September touched 15.04 billion and the value reached Rs 20.64 trillion.

In December, the number of daily transactions rose to 540 million, against 516 million logged in the month-ago period. This led to an increase in daily value of transactions to Rs 74,990 crore in the month under review, against Rs 71,840 crore clocked in November 2024. 

On a year-on-year basis, the data showed that the volume of transactions in December 2024 climbed 39 per cent, while the value of the same jumped 28 per cent.

The FASTag transactions in December jumped 6 per cent in volume terms to 382 million, in comparison to 359 million seen in November and 345 million in October. The value of the transactions increased by 9 per cent to Rs 6,642 crore in the month under review, against Rs 6,070 crore logged in November and Rs 6,115 crore in October.