The National Payments Corporation of India reported a 28% year-on-year growth in the unified payments interface (UPI) transactions, reaching 21.70 billion in January. Transaction amounts also increased by 21% annually to Rs 28.33 lakh crore. In January, the average daily transaction amount rose to Rs 91,403 crore from Rs 90,217 crore in December, with a recorded 700 million average daily transaction counts. December also saw significant growth in UPI transactions, with a 29% increase in transaction count to 21.63 billion and a 20% rise in transaction amount to Rs 27.97 lakh crore.
Monthly transactions through instant money transfer (IMPS) in December amounted to 6.62 lakh crore, marking a 10% year-on-year increase from 6.15 lakh crore in November. India has witnessed a 21% surge in active UPI QRs, totaling 709 million, since July 2024. The widespread acceptance of QR codes in various sectors like kiranas, pharmacies, and rural markets has made scan-and-pay the preferred payment method nationwide. Person-to-merchant (P2M) transactions surpassed person-to-person (P2P) transactions, with a 35% increase to 37.46 billion transactions for P2M and a 29% rise to 21.65 billion transactions for P2P.
The average ticket size for UPI transactions decreased to Rs 1,262 from Rs 1,363, indicating a shift towards more micro-transactions in areas like mobility, food, healthcare essentials, and hyperlocal commerce. India’s Digital Public Infrastructure (DPI) has significantly contributed to enhancing universal service access, bridging urban-rural divides, and solidifying the nation’s global digital presence.
