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UPI Hits Record 21.63 Billion Transactions in December, Fueling Digital India

UPI transaction volume surged 29% year-on-year to 21.63 billion in December 2024, with the transaction amount reaching ₹27.97 lakh crore. Person-to-merchant (P2M) transactions grew faster than person-to-person (P2P), solidifying UPI's role in everyday retail payments. The average ticket size declined to ₹1,262, indicating increased usage for micro-transactions like mobility and food. This growth is supported by over 709 million active UPI QR codes, making scan-and-pay the default payment mode across India.

Key Points: UPI Transactions Surge 29% to 21.63 Billion in December

  • 29% YoY transaction growth
  • P2M transactions outpace P2P
  • Avg. ticket size falls to ₹1,262
  • 709 million active UPI QRs
2 min read

UPI transactions surge 29 pc at 21.63 billion in Dec, consumption growth remains strong

UPI transactions grew 29% to 21.63 billion in December 2024, with strong P2M growth and a declining average ticket size, highlighting India's digital payment dominance.

"Dense QR acceptance across kiranas, pharmacies, transport hubs, and rural markets has made scan-and-pay the default payment mode nationwide. - Worldline India Report"

New Delhi, Jan 1

The unified payments interface saw 29 per cent transaction count growth at 21.63 billion in the month of December - along with registering 20 per cent annual growth in transaction amount at Rs 27.97 lakh crore, the National Payments Corporation of India data showed on Thursday.

Month-wise, the UPI transaction count as well as amount grew significantly too.

Average daily transaction amount in December stood at Rs 90,217 crore, up from Rs 87,721 crore in November, the NPCI data showed.

The month of December recorded 698 million average daily transaction counts, up from 682 million registered in November.

In November, the UPI saw 32 per cent transaction count growth (year-on-year) at 20.47 billion - along with registering 22 per cent annual growth in transaction amount at Rs 26.32 lakh crore.

Meanwhile, monthly transactions via instant money transfer (IMPS) stood at 6.62 lakh crore in December, up 10 per cent on-year and increased from 6.15 lakh crore in November.

The IMPS transaction count came at 380 million, up from 369 million in November. Daily transaction amount via IMPS stood at Rs 21,269 crore, up from Rs 20,506 crore in November.

According to a recent report, India reached 709 million active UPI QRs, marking a 21 per cent increase since July 2024. Dense QR acceptance across kiranas, pharmacies, transport hubs, and rural markets has made scan-and-pay the default payment mode nationwide, according to the report by Worldline India.

Person-to-merchant (P2M) transactions continued to outpace person-to-person (P2P), reflecting UPI's dominance in everyday retail payments.

P2M transactions were up 35 per cent to 37.46 billion transactions while P2P transactions rose 29 per cent to 21.65 billion transactions, the report had said. The average ticket size declined to Rs 1,262 (from Rs 1,363), highlighting increased usage for micro-transactions such as mobility, food, healthcare essentials, and hyperlocal commerce.

Notably, India's Digital Public Infrastructure (DPI) has played a transformational role in enabling universal access to services, bridging urban-rural gaps and strengthening the country's position as a global digital powerhouse.

- IANS

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Reader Comments

R
Rohit P
Impressive numbers, but I hope the infrastructure keeps up. Sometimes UPI fails during peak hours, especially during festivals. NPCI needs to ensure 100% reliability as we become more dependent on it.
A
Aman W
The real story is in the rural penetration. 709 million active QR codes! My chacha in our village in UP now accepts UPI for his small kirana store. This is digital inclusion at its best. Bharat is going digital faster than anyone imagined.
S
Sarah B
As someone who moved to India for work, the ease of UPI is mind-blowing. Back home, we're still swiping cards or using clunky apps. Here, it's one scan and done. The average ticket size dropping shows people trust it for even small chai-pani payments. Brilliant system.
K
Karthik V
While the growth is phenomenal, we must not ignore the digital divide. My elderly parents still struggle with it. And what about cybersecurity? With such massive transaction volumes, a single breach could be catastrophic. The government must prioritize digital literacy and security equally.
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Nisha Z
Decembers numbers are always high due to holiday and New Year spending. But 21.63 billion transactions! 😲 It just shows how cashless we've become. From paying the dhobi to booking a flight, UPI is the answer. Proud of this Indian innovation.

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