UPI Transactions Records Dip of 1% in Volume for November; Daily Average Transaction Increases

The Unified Payments Interface (UPI) observed a marginal decline in November, with 20.47 billion transactions amounting to ₹26.32 trillion.  

This slight dip followed October's peak, driven by festive activities and GST 2.0 reliefs. Despite the decrease, daily averages and year-on-year growth indicate a strong digital payments trend. 

November UPI Performance Compared to October 

In November, UPI transactions saw a 1% decrease in volume from October's 20.7 billion transactions. The transaction value also fell by 3.5%, from ₹27.28 trillion in October to ₹26.32 trillion.  

However, the average daily transactions increased from 668 million in October to 682 million in November, showcasing the system's reliability and scale. 

Year-on-Year Growth in UPI Transactions 

Compared to November 2024, there was a 32% rise in transaction volume and a 22% increase in value. This growth highlights the widespread adoption of digital payments across India, from metropolitan areas to smaller towns.  

The expansion of QR infrastructure and the shift towards higher-value transactions continue to deepen the UPI system's reach. 

IMPS and FASTag Activity in November 

Immediate Payment Service (IMPS) transactions decreased by 8.6% to 369 million in November, with a value drop from ₹6.42 trillion in October to ₹6.15 trillion. In contrast, FASTag transactions rose by 2.2% to 369 million, with the value increasing by 5% to ₹7,046 crore. 

Read More: BHIM Unveils Full Delegation to Expand UPI Circle Access and Grow User Base! 

AePS Transactions in November 

Aadhaar Enabled Payment System (AePS) transactions fell by 3.6% to 108 million in November, with the transaction value decreasing to ₹28,428 crore. Despite the decline, daily transactions remained stable at 3.6 million. 

Conclusion 

While November saw a slight dip in UPI transactions, the overall digital payments landscape remains robust, with strong year-on-year growth and increased daily averages. The continued expansion of digital payment systems like FASTag and AePS further underscores the evolving nature of India's cashless economy. 

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