UPI transactions hit all-time high in December 2024

Unified Payments Interface (UPI) transactions reached a new peak in December 2024, with 16.73 billion transactions recorded—a monthly increase of 8% from 15.48 billion in November. The transaction value also rose by 8% to ₹23.25 lakh crore, compared to ₹21.55 lakh crore in the previous month, as per data from the National Payments Corporation of India (NPCI).

For the full year, UPI processed around 172 billion transactions, marking a 46% increase from 118 billion in 2023.

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The total transaction value for 2024 surged by 35% to ₹247 lakh crore, up from ₹183 lakh crore in 2023.
Sunil Rongala, Senior Vice President at Worldline India, highlighted the growing role of micro-transactions.

“The December count reflects an 8% month-on-month rise and a 39% year-on-year growth in volume, with transaction amounts rising by 28% year-on-year. The average ticket size continues to reduce, showing UPI’s increasing use for smaller payments, which enhances its sustainability,” he said.

Person-to-merchant transactions contributed significantly to this growth.

UPI’s previous volume high was in October 2024, with 16.58 billion transactions worth ₹23.5 lakh crore.

Daily transaction numbers also increased from 516 million in November to 540 million in December.

On the other hand, 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 ₹6.02 trillion, up 8% from ₹5.58 trillion in November, and ₹6.29 trillion in October.