The National Payments Corporation of India (NPCI) data revealed a 29% year-on-year growth in unified payments interface (UPI) transactions in December, reaching 21.63 billion. Additionally, there was a 20% annual increase in transaction amount, totaling Rs 27.97 lakh crore. The average daily transaction amount for December rose to Rs 90,217 crore from Rs 87,721 crore in November.
Month-wise, both the UPI transaction count and amount witnessed significant growth. In November, UPI transactions saw a 32% year-on-year increase, amounting to 20.47 billion, with a 22% annual growth in transaction value at Rs 26.32 lakh crore. December recorded 698 million average daily transaction counts, up from 682 million in November.
Moreover, instant money transfer (IMPS) transactions in December reached 6.62 lakh crore, marking a 10% year-on-year rise from November’s 6.15 lakh crore. The IMPS transaction count stood at 380 million, up from 369 million in November, with a daily transaction amount of Rs 21,269 crore, compared to Rs 20,506 crore in November.
A recent report highlighted that India now has 709 million active UPI QRs, showing a 21% increase since July 2024. The report emphasized the widespread acceptance of QR codes across various sectors, making scan-and-pay the preferred payment method nationwide. Person-to-merchant (P2M) transactions surpassed person-to-person (P2P) transactions, with P2M transactions increasing by 35% to 37.46 billion and P2P transactions rising by 29% to 21.65 billion. The average transaction size decreased to Rs 1,262 from Rs 1,363, indicating a rise in micro-transactions for services like mobility, food, healthcare essentials, and hyperlocal commerce.
India’s Digital Public Infrastructure (DPI) has significantly contributed to enhancing universal access to services, bridging urban-rural gaps, and solidifying the country’s global digital presence.
