Digital transactions continued their upward trend in December, with the number of transactions on the Unified Payments Interface (UPI) rising 8% month-on-month to hit a record of 16.73 billion, according to data from the National Payments Corporation of India (NPCI).
The UPI transaction volume in November stood at 15.48 billion.
The value of UPI transactions also surged 8% to Rs 23.25 lakh crore, up from Rs 21.55 lakh crore in November. For the entire year, UPI processed around 172 billion transactions, marking a 46% increase from 118 billion in 2023.
In value terms, UPI transactions grew by 35% to nearly Rs 247 lakh crore last year, compared with Rs 183 lakh crore in 2023, as per the data.
On an annual basis, UPI transactions saw a 39% growth in volume and a 28% increase in value.
The data further showed that Immediate Payment Service (IMPS) transactions were up by 8% in December to 441 million against 408 million in November and 467 million in October. In value terms, this was Rs 6.02 lakh crore, up 8% from Rs 5.58 lakh crore in November, and Rs 6.29 lakh crore in October.
FASTag transactions grew by 6% in volume to 382 million in December, against 359 million in November, and 345 million in October. The value also increased by 9% to Rs 6,642 crore against Rs 6,070 crore in November and Rs 6,115 crore in October.