UPI sees mild November dip to 20.47 bn transactions worth ₹26.32 trn

Don't want to miss the best from Business Standard?

The Unified Payments Interface (UPI) system posted a marginal dip of 1 per cent in volume, with 20.47 billion transactions valued at around Rs 26.32 trillion during November.

 

This was despite October witnessing the highest-ever numbers in volume and value, with 20.7 billion transactions worth Rs 27.28 trillion following the festival season, coupled with GST 2.0 reliefs.

 

During the month under review, transaction value was also down by 3.5 per cent. In September, this was 19.63 billion in volume and Rs 24.9 trillion in value. However, the average daily transactions increased from 668 million per day in October to 682 million per day in November.

 

“Despite this moderation, UPI continues to comfortably operate above the Rs 26 trillion threshold, pointing to healthy economic activity and rising confidence in high-value digital payments. The average daily transaction count — consistently in the 660–680 million range for October and November — further highlights UPI’s ability to deliver reliability at massive scale. Taken together, these month-on-month trends reflect a rapidly maturing digital payments ecosystem, where high-frequency, high-value transactions have become part of everyday life. UPI’s steady performance underscores its role as a foundational pillar of India’s cashless economy,” said Ramakrishnan Ramamurthy, chief delivery and operations officer – India, Worldline.

 

Interestingly, compared to November 2024, the month witnessed a 32 per cent rise in volume and 22 per cent in value.

 

“This shows that digital payments are no longer a habit for the few, they have become the default way India transacts, across metros and small towns alike. What’s especially powerful is how Tier-II and Tier-III adoption, ubiquitous QR infrastructure, and the shift toward higher-value digital payments are steadily expanding the system’s depth. With scaling of credit on UPI and the launch of innovations like Reserve Pay and biometric authentication, we’re moving from digitising payments to reimagining what payments can do,” said Akash Sinha, chief executive officer and cofounder, Cashfree Payments.

 

Immediate Payment Service (IMPS) for November was down by 8.6 per cent to 369 million versus 404 million in October. This was 394 million in September this year. In value, it dipped by 4 per cent from Rs 6.42 trillion in October to Rs 6.15 trillion in November. This was an increase versus Rs 5.98 trillion in September. The number of daily transactions dipped to 12.3 million during the month against 13.02 million in October and 13.15 million in September. In value, daily transactions dipped marginally by close to 1 per cent from Rs 20,709 crore to Rs 20,506 crore in November.

 

FASTag transactions in November increased by 2.2 per cent to 369 million, up from 361 million last month and 333 million in September. Value was also up 5 per cent to Rs 7,046 crore compared to Rs 6,686 crore in October, and Rs 6,421 crore in September. Average daily transactions also increased to 12.31 million, with a value of Rs 235 crore.

 

In November, Aadhaar Enabled Payment System (AePS) transactions stood at 108 million, down 3.6 per cent compared to 112 million in October, and 106 million in September. The value of transactions was Rs 28,428 crore as against Rs 30,509 crore last month. The number of daily transactions remained static at 3.6 million, with a value of Rs 948 crore.