In a remarkable milestone for India’s digital payments ecosystem, Unified Payments Interface (UPI) transactions hit an all-time high in December 2024. According to the latest data released by the National Payments Corporation of India (NPCI), the platform processed a staggering 16.73 billion transactions worth Rs 23.25 trillion in the final month of the year.
For the entire year of 2024, UPI handled approximately 172 billion transactions, marking a significant 46% year-on-year growth compared to 118 billion transactions in 2023. This surge reflects the growing trust and adoption of UPI as a preferred payment method across the country.
The total transaction value for UPI in 2024 saw a remarkable rise, climbing 35% from Rs 183 trillion in 2023 to Rs 247 trillion. This increase highlights the growing volume and value of digital transactions, with UPI emerging as a key enabler of India’s cashless economy.
The consistent upward trajectory in both the number of transactions and their value underscores UPI’s role as a vital driver of financial inclusion and digital innovation in India.
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