In a fresh record, the unified payments interface (UPI) transactions witnessed 8 per cent growth (on-month) in volume reaching 16.73 billion in December, the National Payments Corporation of India (NPCI) data showed on Wednesday.
The UPI transaction value also surged 8 per cent to Rs 23.25 lakh crore, up from Rs 21.55 lakh crore in November.
For the entire 2024, the UPI transaction volume surged almost 46 per cent to 172 billion transactions, compared to 118 billion in 2023.
In value terms, UPI transactions grew by 35 per cent to nearly Rs 247 lakh crore last year, compared with Rs 183 lakh crore in 2023, as per the NPCI data.
On an annual basis, the UPI transactions saw a 39 per cent growth in volume and a 28 per cent increase in value.
In December, the number of daily transactions grew to 540 million from 516 million in November. This resulted in an increase in daily value to Rs 74,990 crore against Rs 71,840 crore in November.
Meanwhile, the Immediate Payment Service (IMPS) transactions went up by 8 per cent in December to 441 million against 408 million in November.
In value terms, this was Rs 6.02 lakh crore in December, against Rs 5.58 trillion in November.
According to the NPCI data, FASTag transactions grew by 6 per cent in December to 382 million, against 359 million in November.
The value also increased by 9 per cent to Rs 6,642 crore in December against Rs 6,070 crore in November.
Also, Aadhaar Enabled Payment System (AePS) transactions went up 1 per cent from 92 million in November to 93 million in December.
UPI has succeeded in increasing financial inclusion and promoting equitable economic growth by enabling underserved groups, including subprime and new-to-credit borrowers to access formal credit for the first time.
UPI is now accepted in seven countries — France, the UAE, Singapore, Sri Lanka, Mauritius, Bhutan and Nepal.
(This article has been published via a syndicated feed)
