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UPI Records Record Highs in December Transactions
1 Jan
Summary
- UPI processed 21.63 billion transactions in December.
- Consumer spending during holidays drove digital payment surge.
- NPCI reviews consumer safety features amid growing concerns.
India's Unified Payments Interface (UPI) experienced a significant rebound in December, achieving record transaction volumes and values. The system processed 21.63 billion transactions, surpassing November's figures, with a total transaction value reaching Rs 27.97 lakh crore. This upward trend was largely attributed to increased consumer spending during the festive Christmas and New Year season.
Year-on-year, UPI demonstrated robust growth, with transaction volumes up by 29% and values increasing by 20%. Other digital payment methods like IMPS and FASTag also saw a rise in activity. However, the Aadhaar Enabled Payment System (AePS) witnessed a sequential decline in transactions during December.
Amid this rapid expansion, the National Payments Corporation of India (NPCI) is evaluating certain features, particularly the 'pull payments' function, due to growing concerns over consumer safety and potential fraudulent activities. The NPCI reported a 41.7% rise in net profit for FY25.
