UPI Transactions Rises 8% To 1,673 Crore In December
NPCI reported that UPI transactions in December reached 1,673 crore, reflecting an 8% rise over November's numbers, while average daily transactions also increased.
Transactions via the Unified Payments Interface reached a record 16.73 billion in December, marking an 8% increase compared to the previous month, according to data from the National Payments Corporation of India. In November, UPI transactions stood at 15.48 billion.
NPCI also reported that the total value of transactions in December amounted to Rs 23.25 lakh crore, up from Rs 21.55 lakh crore in November.
The average daily transaction count in December was 539.68 million, a rise from 516.07 million in November.
In value terms, the average daily transaction amounted to Rs 74,990 crore in December. This compares with Rs 71,840 crore in November.
NPCI runs UPI, which is used for real-time payments between peers or at merchants' end while making purchases.
Earlier this week, NPCI extended the implementation of UPI volume cap guidelines by two years to December 2026.
The NPCI originally planned to implement volume cap guidelines in 2021, which was delayed to this year after pushback from service providers. The measure involves a 30% volume cap on third-party UPI apps.
"Considering various factors, the timeline for compliance of existing TPAPs who are exceeding the volume cap is extended by two years, i.e., till December 31, 2026," the NPCI said in a statement.
The cap applies only to third-party app providers, while the UPI apps offered by banks are exempt from such a ceiling.
The extension comes as a positive change for both PhonePe and Google Pay, which dominate the UPI payments market. Presently, out of over 75 UPI apps, only two—PhonePe and Google Pay—account for over 85% of all UPI transactions in India, by volume and value, according to data available with the NPCI.
(With PTI inputs)
