The number of transactions through UPI (Unified Payments Interface) increased by eight percent on a monthly basis in December to reach a record 16.73 billion. This information has been received from the data of National Payments Corporation of India (NPCI). The number of UPI transactions in November was 15.48 billion. NPCI said that the value of transactions stood at Rs 23.25 lakh crore in December, 2024, while it was Rs 21.55 lakh crore in November.
53.97 crore transactions were done daily in December
The average daily transaction number during December was 53.97 crore, which was 51.1 crore in November. In value terms, the average daily transactions in December stood at Rs 74,990 crore. Whereas in November it was Rs 71,840 crore. NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association, is the lead entity for operating the retail payment and settlement system in India. NPCI operates the Unified Payments Interface (UPI). It is used for real-time payments to merchants when making transactions and purchases.
NPCI gave relief to UPI app
National Payments Corporation of India (NPCI) has given relief to companies like PhonePe and GooglePe operating UPI apps. NPCI has extended the time period for implementing 30 percent market limit on third party Unified Payment Interface (UPI) by two years i.e. till December 31, 2026. This is the third time that NPCI has extended the deadline.
National Payments Corporation of India said in a circular issued on Tuesday, keeping in mind various things, the deadline for compliance with the volume limit for existing third party application providers (TPAP) has been extended by two years i.e. till December, 2026. These are those TPAPs whose market exceeds the limit.
That's why NPCI took the decision
NPCI had initially proposed a 30 percent cap on the volume of transactions that can be processed by UPI apps in November, 2020. For this, existing companies were given two years time to comply with the quantity limit. Currently, major TPPAs like Google Pay and Phone Pay account for more than 80 percent of UPI transactions.
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