Unified Payments Interface (UPI) Achievements in December
In December, Unified Payments Interface (UPI) recorded an impressive total of 16.73 billion transactions, equating to a remarkable value of Rs 23.25 lakh crore. This represents an 8% increase in transaction volume and a 7.88% rise in transaction value compared to November.
Year-on-Year Growth
When analysed on a year-on-year basis, UPI has shown significant growth:
- 39% increase in transaction volume
- 28% increase in transaction value
This data was released by the National Payments Corporation of India (NPCI).
Average Daily Transactions
Throughout December, the average daily transaction figures were as follows:
- 540 million transactions per day
- Transaction value of Rs 74,990 crore daily
In comparison, November recorded an average of 516 million transactions and a daily transaction value of Rs 71,840 crore. This upward trend has continued from October 2024, where UPI processed 16.58 billion transactions with a total value of Rs 23.50 lakh crore.
Market Leaders
Currently, PhonePe dominates the UPI market with an impressive 48% market share by transaction volume. The competitors include:
- Google Pay at 37%
- Paytm at 7%
It is unlikely that market share will see significant changes soon, as NPCI has extended the compliance deadline for Third Party App Providers (TPAPs) that exceed the volume cap in UPI. The new deadline is now set for December 31, 2026.
Expansion of Services
In an exciting development, NPCI has removed the user onboarding limit for WhatsApp Pay, enabling the platform to offer UPI services to its full user base in the country.
International Acceptance
UPI payments are currently accepted in seven countries, including:
- Bhutan
- Mauritius
- Nepal
- Singapore
- Sri Lanka
- France
Furthermore, reports indicate that NPCI is progressing towards expanding its services to include Qatar, Thailand, and the wider Southeast Asian region.