India’s Unified Payments Interface (UPI) recorded a robust 32 per cent year-on-year growth in transaction volume in November, touching 20.47 billion transactions, according to data released by the National Payments Corporation of India (NPCI) on Monday. The total transaction value rose 22 per cent annually to reach Rs 26.32 lakh crore.

The average daily transaction value for the month stood at Rs 87,721 crore, NPCI data showed.

November also saw average daily transaction volume climb to 682 million — up from 668 million in October.

Instant Money Transfer (IMPS) continued its steady rise as well, posting monthly transactions worth Rs 6.15 lakh crore in November, marking a 10 per cent annual increase. IMPS transaction count reached 369 million, with a daily value of Rs 20,506 crore.

In comparison, UPI transactions in October had grown 25 per cent year-on-year to 20.70 billion, while the transaction value rose 16 per cent to Rs 27.28 lakh crore.

UPI has maintained its stronghold over India’s digital payments ecosystem, with transactions surging 35 per cent year-on-year to 106.36 billion in the first half of 2025, as per Worldline’s India Digital Payments Report (1H 2025). The cumulative transaction value in this period stood at an impressive Rs 143.34 lakh crore.

Person-to-merchant (P2M) payments witnessed significant momentum, growing 37 per cent to 67.01 billion transactions — driven largely by the “Kirana Effect,” where small and micro-retailers have increasingly adopted digital payments.

India’s QR-code payment network also expanded rapidly, doubling to 678 million QR installations by June 2025 — a massive 111 per cent jump since January 2024.

The country’s Digital Public Infrastructure (DPI) continues to play a transformative role in widening access to digital services, bridging urban-rural divides, and cementing India’s status as a global leader in digital finance.