682 million UPI transactions per day in November
- IBEF
- December 2, 2025
India's Unified Payment Interface (UPI) continues its tremendous growth and resilience into November 2022, with a cumulative total of 20.47 billion transactions. The slight decline of 1% that occurred in November relative to October was due to a spike in transaction volumes resulting from the holiday season. However, both months continued to show an increase in average daily transactions, with 68 million each day in October and November, reflecting continued user confidence in the ability of the platform to manage a high volume of transactions. On a year-over-year basis, November showed a significant increase in transaction numbers and total transaction value between November 2021 to November 2022. Volume of transactions increased by 32% and total transaction value increased by 22%, which demonstrates continued growth and development of UPI as an integral component of the digitisation of frequent retail transaction payments.
The continued success of UPI has highlighted the increasing development and adoption of digital payment solutions in India. The growing economic activity, along with the impact of GST 2.0 on the simplification of taxation and an increasing preference for using digital solutions for higher-value transactions, has propelled UPI and parallel payment solutions to continue to increase in volume and value (in November alone, an average of 12.31 million Fastags were processed each day, indicating a continuing use case for digital solutions for payment of tolls). In conclusion, the continued development and emergence of UPI and aligned systems continue to illustrate India's growth and movement toward building a digital-based financial ecosystem that will no longer depend on the cash economy.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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