UPI transactions surged to a record 16.73 billion in December, value at Rs. 23.25 trillion (US$ 271.96 billion)

In December 2024, Unified Payments Interface (UPI) transactions saw a record 8% MoM growth, reaching 16.73 billion transactions worth Rs. 23.25 trillion (US$ 271.96 billion), the highest since its launch in 2016. For the year 2024, UPI transactions grew by 46% in volume to 172 billion, with a 35% increase in value to Rs. 247 trillion (US$ 2.88 trillion). This growth was primarily driven by a rise in person-to-merchant transactions, with daily UPI transactions averaging 540 million in December, compared to 516 million in November. The growth trend was also reflected in Immediate Payment Service (IMPS) and FASTag transactions, which saw increases in both volume and value.

IMPS transactions grew by 8% in December, reaching 441 million transactions worth Rs. 6.02 trillion (US$ 70.42 billion), while FASTag transactions grew by 6% to 382 million in volume and 9% in value to Rs. 6,642 crore (US$ 776.90 million). Additionally, Aadhaar Enabled Payment System (AePS) transactions saw a marginal increase of 1% in volume, though the value remained largely stable at Rs. 24,020 crore (US$ 2.81 billion). Overall, the payment systems in India have continued to expand, with notable growth across various modes, especially in terms of daily transaction volumes.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.