Kolkata: The popularity and adoption of digital transactions in India continued on an upbeat trend in December 2024m when the number of UPI (Unified Payments Interface) transactions hit a record level of 16.73 billion, revealed data from the National Payments Corporation of India (NPCI). In November the number of UPI transactions was as 15.48 billion, indicating the rise in UPI volumes was 8% in December compared to its previous month.
UPI was introduced in India by the National Payments Corporation of India (NCPI) in 2016. Transactions using UPI is not permitted in as many as 7 countries such as France, United Arab Emirates, Singapore, Sri Lanka, Mauritius, Bhutan, and Nepal.
Surge in UPI transaction value too
Parallely with the volume of transactions, the value of UPI transactions jumped too. In value terms, UPI recorded a 8% rise in December compared to November. While the value of total UPIP transactions in November was Rs 21.55 lakh crore, that in December shot up to Rs 23.25 lakh crore. If one considers the entire year of 2024, one finds that the number of transactions that stood at 118 billion in 2023 jumped a massive 46% to touch 172 billion in 2024. In value terms, too, the rise in 2024 compared to 2023 was high. While Rs 247 lakh crore was transacted via UPI in 2024, the value recorded in 2023 was Rs 183 lakh crore.
Surge in IMPS, FASTag too
Furthermore, data revealed that IMPS (Immediate Payment Service) transactions grew 8% in December 2024 and recorded 44.1 crore compared to 40.8 crore in November and 46.7 crore in October 2024. The corresponding value terms were Rs 6.02 lakh crore in December, Rs 5.58 lakh crore in November and Rs 6.29 lakh crore in October 2024.
December also registered a 6% growth in volume in FASTag transactions which touched 38.2 crore. The figures for November was 35.9 crore and 34.5 crore in October – the corresponding values were Rs 6,642 crore in December, Rs 6,070 crore in November and Rs 6,115 crore in October.
The UPI (Unified Payments Interface) is one of most remarkable schemes of digital India that is not only registering a fast growth in popularity but also finding a rising footprint in as many as 7 foreign countries. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
