A good increase in the number and amount of UPI transactions was also recorded on a month-wise basis. There was an average daily transaction of Rs 90,217 crore in December, while in November this figure was Rs 87,721 crore.
There were an average of 698 million (about 69.8 crore) daily UPI transactions in December, which is more than 682 million in November.
The number of UPI transactions in the month of November was 20.47 billion, which was an increase of 32 percent on an annual basis. The total amount of transactions that month was Rs 26.32 lakh crore, which was an increase of 22 percent.
Meanwhile, a total of Rs 6.62 lakh crore transactions took place through the Instant Money Transfer System (IMPS) in December. This is 10 percent more than last year and more than Rs 6.15 lakh crore in November.
There were 380 million transactions through IMPS in December, while the number was 369 million in November. Whereas the daily IMPS transactions were Rs 21,269 crore, which was Rs 20,506 crore in November.
According to a recent report, there are now 70.9 crore active UPI QR codes in India, showing an increase of 21 percent since July 2024. With the facility of QR code reaching grocery stores, medical stores, bus stands, railway stations and villages, making payments by scanning has now become common across the country.
The report said that person-to-merchant (P2M) transactions were more than person-to-person (P2P) transactions. This means that people are using UPI more for everyday purchases.
P2M transactions increased by 35 percent to now reach 37.46 billion, while P2P transactions increased by 29 percent to 21.65 billion. The average amount of each transaction became Rs 1,262, which was earlier Rs 1,363. This shows that people are now using UPI more for small payments like travel, food, medicine and local shopping.
The special thing is that India’s Digital Public Infrastructure (DPI) has played a big role in connecting people to digital services easily. This has reduced the distance between cities and villages and India has emerged as a strong digital country in the world.
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