UPI hits record 16.73 billion transactions in December, value at Rs 23.25 lakh crore

Unified Payments Interface (UPI) recorded an all-time high of 16.73 billion transactions in December 2024, marking an eight per cent month-on-month increase from November's 15.48 billion. Transaction values also rose by eight per cent to Rs 23.25 lakh crore, compared to Rs 21.55 lakh crore in November, as per National Payments Corporation of India (NPCI) data.

For the entire year, UPI transactions surged 46 per cent to approximately 172 billion in 2024, up from 118 billion in 2023. The total transaction value for 2024 climbed by 35 per cent to Rs 247 lakh crore, significantly higher than the Rs 183 lakh crore recorded in 2023.

Daily transaction volumes on the rise

December saw daily transaction volumes increase to 540 million, compared to 516 million in November. The daily transaction value also grew, reaching Rs 74,990 crore from Rs 71,840 crore in November. Compared to December 2023, this represents a 39 per cent growth in transaction volume and a 28 per cent increase in transaction value.

Other payment systems register growth

Immediate Payment Service (IMPS) transactions saw an eight per cent rise in December, with 441 million transactions compared to 408 million in November. The transaction value rose to Rs 6.02 trillion, an eight per cent increase from Rs 5.58 trillion in the previous month.

FASTag transactions followed suit, growing by six per cent in volume to 382 million in December, up from 359 million in November. The transaction value increased nine per cent to Rs 6,642 crore from Rs 6,070 crore.

Microtransactions driving UPI growth

Person-to-merchant transactions emerged as a significant contributor to UPI's growth in 2024. The platform's previous peak was in October 2024, with 16.58 billion transactions valued at Rs 23.5 lakh crore.

As UPI usage broadens, its impact on the digital payments ecosystem continues to strengthen, making it a cornerstone of India's fintech revolution.