UPI Breaking Records: The Unified Payments Interface (UPI) has transformed digital payments in India. In December 2024, there was a remarkable surge in both the number and value of UPI transactions. The role of the National Payments Corporation of India (NPCI) and UPI has made digital transactions faster, safer, and more convenient.
In December 2024, people in India flocked to use UPI for their digital payments, leading to a record-breaking number of transactions. According to NPCI data, the number of UPI transactions rose by 8% to a staggering 16.73 billion in December. This increase highlights the growing popularity and convenience of the digital payment system in India.On average, there were about 539.7 million transactions every day in December 2024, up from 511 million in November. The average daily transaction value in December was ₹74,990 crore, compared to ₹71,840 crore in November. December saw significant growth not just in the number of UPI transactions but also in their overall value.
In November 2024, the total number of UPI transactions was 15.48 billion. In December, the total transaction value reached ₹23.25 lakh crore, an increase from ₹21.55 lakh crore in November. People are increasingly using UPI for large transactions, which is enhancing its importance in the financial landscape.
