India’s Unified Payments Interface (UPI) has reached a milestone, with transactions hitting 15.48 billion in November, marking a 38% year-on-year growth.
The total value of these transactions stood at Rs 21.55 lakh crore, reflecting a 24% increase compared to the previous year, according to data from the National Payments Corporation of India (NPCI) released on Sunday.
In October, UPI transactions had peaked at 16.58 billion, with a total transaction value of Rs 23.5 lakh crore, setting a new record since the system’s inception in April 2016.
The daily UPI transaction count in November averaged 516 million, with the total daily transaction value reaching Rs 71,840 crore.
In addition to UPI’s impressive performance, the Immediate Payment Service (IMPS) recorded 408 million transactions worth Rs 5.58 lakh crore.
FASTag transactions also saw a rise, growing by 4% in volume to 359 million, while Aadhaar Enabled Payment System (AePS) transactions reached 92 million, amounting to Rs 23,844 crore.
The government has emphasized that UPI’s success has played a pivotal role in making financial transactions more secure, efficient, and convenient, driving India closer to a cashless economy.
The Ministry of Finance stated, “UPI has transformed digital payments in India with its unparalleled ease, security, and versatility. By enabling round-the-clock transactions and offering features like single-click payments and virtual addresses, it ensures both convenience and privacy for users. Its ability to integrate multiple banking services into one app makes it a game-changer in financial technology.”
The integration of RuPay credit cards with UPI is a significant step in the digital payment landscape. It allows users to enjoy the benefits of both credit cards and UPI for transactions, making payments through credit lines instead of savings accounts.
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