UPI Transactions Surge 32% in November, Digital Payments Thrive

The Unified Payments Interface (UPI) experienced a significant surge in November 2023, with transaction counts increasing by 32 percent year-on-year, reaching a total of 20.47 billion. This growth reflects a broader trend in digital payments across India, underscoring the increasing reliance on electronic transactions. According to data released by the National Payments Corporation of India (NPCI), the total transaction amount for November rose by 22 percent to ₹26.32 lakh crore.

Daily transaction activity also saw a promising increase in November, with an average daily transaction amount reported at ₹87,721 crore. The average daily transaction count climbed to 682 million, surpassing the 668 million recorded in October 2023. This upward trend indicates a robust adoption of digital payment methods among consumers and businesses alike.

Growth in Other Digital Payment Systems

In addition to UPI, transactions through the Immediate Payment Service (IMPS) reached ₹6.15 lakh crore in November, marking a 10 percent increase compared to the previous year. The transaction count for IMPS stood at 369 million, with a daily transaction amount averaging ₹20,506 crore. This illustrates the expanding role of various digital payment systems in India’s financial landscape.

In October 2023, UPI had already shown considerable growth, with a 25 percent increase in transaction count year-on-year, totaling 20.70 billion. The transaction amount during that month was reported at ₹27.28 lakh crore. This consistent upward trajectory highlights the dominance of UPI as a preferred method for digital transactions in India.

Broader Implications for India’s Digital Economy

The overall growth of UPI transactions reflects a significant shift in the Indian digital payments environment. In the first half of 2025, UPI transactions surged by 35 percent year-on-year, reaching an impressive 106.36 billion transactions with a total value of ₹143.34 lakh crore. This data, sourced from Worldline’s India Digital Payments Report, indicates a deepening integration of digital payments into daily life in India.

The rise of person-to-merchant (P2M) transactions, which increased by 37 percent to 67.01 billion, can be largely attributed to the “Kirana Effect.” This phenomenon highlights the critical role of small and micro businesses in driving the country’s digital economy. Furthermore, India’s QR-based payment network has seen remarkable growth, doubling to 678 million by June 2025, representing a 111 percent increase from January 2024.

India’s Digital Public Infrastructure (DPI) has played a transformative role in facilitating universal access to digital services. It has effectively bridged urban-rural divides and reinforced the nation’s status as a global leader in digital finance. As the digital payment ecosystem continues to evolve, the implications for businesses and consumers are profound, paving the way for a more connected and efficient economy.