Unprecedented Growth in UPI Transactions

In an unprecedented development, Unified Payments Interface (UPI) transactions soared to a record 16.73 billion in December, marking an 8% increase from the previous month's 15.48 billion, as reported by the National Payments Corporation of India (NPCI).

Transaction Value and Daily Averages on the Rise

The transaction value also witnessed a significant jump, reaching Rs 23.25 lakh crore in December 2024, up from November's Rs 21.55 lakh crore. Daily transactions averaged at 539.68 million in December, an increase from November's 516.07 million. The average daily transaction value stood at Rs 74,990 crore, surpassing the previous month's Rs 71,840 crore.

NPCI's Role in India's Retail Payments

NPCI, a collaborative effort between the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA), plays a pivotal role in overseeing retail payments and settlement systems in India. It manages the Unified Payments Interface (UPI), facilitating instant peer-to-peer transfers and merchant payments during purchases.