Sanjana Lahiri, Journalist – Whether it’s in markets, shops, or for auto-rickshaws and cabs, the popularity of UPI (Unified Payments Interface) has been astounding. UPI has become a major symbol of Digital India. Today, UPI payments have significantly simplified financial transactions across sectors. According to data, the volume of online transactions continues to rise steadily.
In October of this year, financial transactions through UPI reached their highest ever level. UPI-based transactions began in India in 2016. In October 2023, there were 16.58 billion UPI transactions amounting to ₹23.5 lakh crore. Although UPI transactions slightly declined in November compared to October, they were still significantly higher than in November last year.
According to the National Payments Corporation of India (NPCI), in November this year, there were 15.48 billion UPI transactions — approximately 38% higher than November of the previous year. In total, UPI transactions in November amounted to ₹21.55 lakh crore, about 24% higher than November last year.
In November, there were 516 million transactions per day on average, involving about ₹71,840 crore daily.
According to NPCI data:
- Transactions through the Immediate Payment Service (IMPS) amounted to ₹5.58 lakh crore in November.
- FASTag transactions stood at 359 million in November, up from 345 million in October.
- Through the Aadhaar Enabled Payment System (AePS), there were 92 million transactions totaling ₹23,844 crore in November.
According to the central government, UPI has not only made financial transactions faster and more secure but has also moved both businesses and the general public towards a cashless economy. It has strengthened the government’s initiative of promoting the use of technology for economic growth.
NPCI’s data shows that the overall financial ecosystem has greatly benefited from services like UPI, IMPS, FASTag, and AePS, supporting the broader goal of a digitally driven economy..
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