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UPI Transactions Surge 32% Amidst Global Expansion Talks
2 Dec
Summary
- UPI transactions volume grew 22% year-on-year to ₹26.32 lakh crore in November.
- Transaction numbers for UPI reached 20.47 billion, a 32% annual increase.
- India's UPI is undergoing implementation phase for integration with Europe's TIPS system.
Unified Payments Interface (UPI) transactions in India demonstrated robust growth in November, with volume climbing 22% year-on-year to ₹26.32 lakh crore. The total number of transactions recorded a substantial 32% annual increase, reaching 20.47 billion, underscoring the accelerating pace of digital payments adoption across the nation. Daily transactions averaged 682 million, with an average daily transaction value of ₹87,721 crore, according to data from the National Payments Corporation of India.
These figures represent a continued upward trend, with UPI witnessing a 16% increase in transaction amounts and a 25% rise in transaction counts compared to October. The system processed ₹27.28 lakh crore across 20.70 billion transactions in the preceding month. The Reserve Bank of India and NPCI International Payments Limited are now in the implementation phase of linking UPI with Europe's TARGET Instant Payment Settlement (TIPS) system, following discussions with the European Central Bank.
This strategic integration with TIPS, an instant payment system operated by the Eurosystem, aims to facilitate seamless cross-border transactions. The RBI and NIPL will collaborate with the European Central Bank on technical integration, risk management, and settlement arrangements, paving the way for greater international financial connectivity.
