Technology

29% increase in UPI transactions in the country, record transactions worth ₹27.97 lakh crore in December

By Samira Vishwas

New Delhi. Last December, there was a rapid increase in transactions through Unified Payments Interface (UPI). According to data released by the National Payments Corporation of India (NPCI) on Thursday, 21.63 billion transactions were done through UPI in December, which is 29 percent more than last year. At the same time, the total amount of these deals also increased by 20 percent to Rs 27.97 lakh crore.

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.

Now 70.9 crore active UPI QR codes
According to a recent report, there are now 70.9 crore active UPI QR codes in India. After July 2024, their number has increased by 21 percent. With QR code facilities reaching grocery stores, medical stores, bus stands, railway stations and villages, scanning and making payments has become common across the country. The report said that person-to-shopkeeper (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.

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