New Delhi
Unified Payments Interface (UPI) has achieved another historic milestone in the field of digital payments in India. In December 2024, UPI set a new record in both the number and value of transactions, proving that the digital payment system is becoming increasingly popular.
8 percent increase in UPI transactions
The number of transactions through UPI reached 16.73 billion (1.67 billion) in December 2024, the highest since its launch in April 2016. During this period, the transaction value of UPI also increased by 8 percent to Rs 23.25 trillion, whereas in November 2024 this value was Rs 21.55 trillion. According to data from National Payments Corporation of India (NPCI), the total number of UPI transactions during the year 2024 reached 172 billion (17.2 billion), which is 46 percent more than 118 billion in 2023.
Increase in daily transactions in December 2024
The number of daily transactions also increased to 540 million (54 crore) in December 2024 compared to 516 million (51.6 crore) in November. With this, the value of daily transactions in December also increased to Rs 74,990 crore, which is more than Rs 71,840 crore in November. December 2024 saw a 39 percent increase in the number of UPI transactions and 28 percent increase in value when compared to December 2023. This is indicative of the growing popularity and user base of UPI.
Increase in Fastag transactions also
In December 2024, not only there was an increase in UPI transactions but also an improvement was seen in Fastag transactions. The number of Fastag transactions increased by 6 percent to 382 million (38.2 crore) compared to 359 million (35.9 crore) in November. Apart from this, the value of Fastag transactions also increased by 9 percent to Rs 6,642 crore. If compared with December 2023, the number of Fastag transactions has increased by 10 percent and the value has increased by 13 percent.
Slight increase in Aadhaar-based transactions also
Apart from this, a slight increase of 1 percent has also been recorded in Aadhaar-based transactions. While this number was 92 million (9.2 crore) in November, it increased to 93 million (9.3 crore) in December.
Introduction and expansion of UPI
UPI was introduced in India in 2016 and is now widely used across the country. The success of UPI has made it enter other countries also. Apart from India, UPI is now also accepted in France, UAE, Singapore, Sri Lanka, Mauritius, Bhutan and Nepal.
Let us tell you that the increasing popularity of UPI and its increasing presence in the field of digital payments proves that India is moving rapidly towards digital transactions. The figures for December 2024 indicate that even more people will use UPI in the future, which will expand the digital payment system and become a symbol of Indian technological success across the world.
