UPI transactions hit a new peak in December 2024, with 16.73 billion transactions recorded, marking an 8% increase from November.

UPI processed around 172 billion transactions in 2024, a 46% increase from 118 billion in 2023.

The total transaction value surged by 35% to Rs 247 lakh crore, up from Rs 183 lakh crore in 2023.

UPI’s December volume grew by 8% month-over-month and 39% year-over-year, with transaction value rising by 28% year-over-year.

Micro-transactions are growing, with UPI being increasingly used for smaller payments.

Person-to-merchant transactions played a key role in UPI’s growth.

The previous record for UPI volume was in October 2024, with 16.58 billion transactions valued at Rs 23.5 lakh crore.

Daily UPI transactions increased from 516 million in November to 540 million in December.

IMPS transactions rose by 8% in December to 441 million, with a value of Rs 6.02 trillion.

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