Unified Payments Interface (UPI) has set a new benchmark in India’s digital payment ecosystem, recording 16.73 billion transactions worth ₹23.25 lakh crore in December 2024. This marks an increase from ₹21.55 lakh crore in November 2024. Throughout 2024, UPI processed a staggering 172 billion transactions, a 46% rise compared to 117.64 billion transactions in 2023.
Other digital payment methods, including IMPS and NETC FASTag, also contributed significantly. In December 2024, IMPS facilitated 441 million transactions amounting to ₹6.01 lakh crore, while FASTag processed 381.98 million transactions valued at ₹6,642 crore.
The growing adoption of digital payment platforms has enhanced transaction speed, security, and convenience, driving India closer to becoming a cashless economy.
