Tremendous jump in digital transactions
According to the latest data from the National Payments Corporation of India (NPCI), UPI transaction volume reached 16.73 billion in December 2024, up 8% from 15.48 billion in November. The total value of transactions also grew by 8% to ₹23.25 lakh crore from ₹21.55 lakh crore in November.
In 2024, UPI recorded a growth of 46% with 172 billion transactions, compared to 118 billion in 2023. Transaction value also grew by 35%, from ₹183 lakh crore in 2023 to ₹247 lakh crore.
Continuous increase in daily transactions…
There were an average of 540 million transactions per day in December, compared to 516 million in November. The value of daily transactions reached ₹74,990 crore, up from ₹71,840 crore in November.
Status of other payment modes..
IMPS (Immediate Payment Service) transactions also grew by 8% to 441 million in December. Its total value stood at ₹6.02 lakh crore, up from ₹5.58 lakh crore in November.
Similarly, FASTag transactions also recorded a 6% growth. A total of 382 million FASTag transactions were done in December, with the value rising 9% to ₹6,642 crore.
Aadhaar Enabled Payment System (AePS) also recorded a marginal growth, growing from 92 million transactions in November to 93 million in December.
UPI: A symbol of financial inclusion
UPI’s contribution is not limited to the number of transactions, but it has played a vital role in reducing economic disparities and bringing formal credit to rural and low-income groups. It not only added new customers to the banking system but also opened the way for financial help for small merchants and startups.
Did you know?
Almost every second person in India now uses UPI. From small villages to big cities, this medium of digital payments has made its presence felt everywhere.
Future prospects
This boom in digital transactions in India is just the beginning. NPCI believes that by 2025, UPI will be used in almost every sector, be it small transactions or large. Are you also a part of this journey of Digital India?
The journey of UPI is not only revolutionizing the direction of digital transactions, but it is also rapidly moving India towards a “cashless economy”. In this era of financial inclusion, UPI has truly laid the foundation to make the dream of ‘Digital India’ come true.
