In December, UPI Transactions Reached a Record 16.73 Billion

Nitin Konde, Varun Bhardwaj

Jan 3, 2025 — 3 min read

UPI Transactions Hit Record 16.73 Billion in December

The volume of Unified Payments Interface (UPI) transactions increased by 8% month over month to reach 16.73 billion in December, the largest amount the digital system has seen since becoming live in April 2016. Additionally, the value rose from INR 21.55 trillion in November to INR 23.25 trillion, an 8% increase.

In 2024, there were approximately 172 billion transactions, up 46% from 118 billion in 2023, according to data from the National Payments Corporation of India (NPCI). Compared to INR 183 trillion in 2023, transactions grew by 35% in value terms to over INR 247 trillion throughout the course of the year.

Rise in Transactions in Various Segments

A growth in person-to-merchant transactions (for purchasing products or services) caused the transactions to climb over the course of the year. UPI recorded 16.58 billion transactions in October, totalling INR 23.5 trillion, which was both its largest volume and value to date. The value was INR 20.64 trillion in September, with a volume of 15.04 billion.

The daily transactions also went up from 516 million to 540 million in December compared to November. As a result, the daily value increased from INR 71,840 crore in November to INR 74,990 crore. Compared to December 2023, the December figures showed a 39% increase in volume and a 28% increase in value. Transactions through the Immediate Payment Service (IMPS) increased by 8% in December to 441 million, compared to 408 million in November and 467 million in October. Compared to INR 5.58 trillion in November and INR 6.29 trillion in October, this was an increase of 8% to INR 6.02 trillion in value terms. This represented a 6% increase in value over December 2023 and a 12% drop in volume compared to the previous year.

December 2024 had 14.23 million daily transactions, up 5% from 13.6 million in November. This amounted to a daily transaction value of INR 19,405 crore, compared to INR 18,611 crore in November 2024.

Growth in FASTag and AePS Transactions

Compared to 359 million in November and 345 million in October, the amount of FASTag transactions increased by 6% to 382 million in December. In comparison to INR 6,070 crore in November and INR 6,115 crore in October, the value also rose by 9% to INR 6,642 crore. Compared to December 2023, this represented a 13% increase in value and a 10% increase in volume. December saw a 3% month-over-month growth in daily transactions, reaching 12.32 million.

Transactions through the Aadhaar Enabled Payment System (AePS) increased by a small amount, from 92 million in November to 93 million in December. A slight increase in transaction value was also observed, reaching INR 24,020 crore from about INR 23,844 crore in November. The value was INR 32,493 crore, and the volume was 126 million in October. In November and December, there were 3.08 million and 3.02 million daily transactions, respectively. The volume and value of AePS transactions decreased by 1% and 5%, respectively, from the same period last year.