Obnews Tech Desk: Unified Payments Interface (UPI) recorded 16.73 billion transactions in December 2024, setting a new record. This number is 8% more than the 15.48 billion transactions of November 2024. According to the National Payments Corporation of India (NPCI), the total value of transactions also increased by 8% to Rs 23.25 lakh crore in December, while the figure was Rs 21.55 lakh crore in November.
Strong jump in annual figures
The total transaction value through UPI will reach Rs 247 lakh crore in 2024, which is 35% more than Rs 183 lakh crore in 2023. Through this growth, UPI has established its strong presence in the digital payments sector.
Important role of person-to-merchant transactions
Person-to-merchant (P2M) transactions played a big role in the growing use of UPI. UPI had recorded its previous high in October 2024 with 16.58 billion transactions and a value of Rs 23.5 lakh crore. The number of daily transactions also increased to 540 million in December, from 516 million in November.
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IMPS also improved
Growth was also recorded in Instant Payment Service (IMPS). IMPS transactions rose 8% to 441 million in December, compared to 408 million in November. In value terms, IMPS transactions in December stood at Rs 6.02 lakh crore, up from Rs 5.58 lakh crore in November.
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