Transactions on the Unified Payments Interface (UPI) recorded a 28 per cent year-on-year rise in volume to 21.70 billion in January, while the transaction value grew 21 per cent annually to Rs 28.33 lakh crore, data released by the National Payments Corporation of India (NPCI) showed on Sunday.
On a month-on-month basis, both transaction volume and value also registered an increase.
The average daily transaction value in January stood at Rs 91,403 crore, up from Rs 90,217 crore in December, according to the data.
The month also recorded an average of 700 million transactions per day, compared to 698 million daily transactions in December.
In December, UPI had logged a 29 per cent year-on-year increase in transaction volume to 21.63 billion, along with a 20 per cent annual rise in transaction value to Rs 27.97 lakh crore.
Meanwhile, monthly transactions through the Immediate Payment Service (IMPS) stood at Rs 6.62 lakh crore in December, marking a 10 per cent year-on-year increase and rising from Rs 6.15 lakh crore in November.
According to a recent report, India reached 709 million active UPI QR codes, reflecting a 21 per cent increase since July 2024.
The report by Worldline India noted that dense QR acceptance across kirana stores, pharmacies, transport hubs, and rural markets has made scan-and-pay the default payment mode across the country.
Person-to-merchant (P2M) transactions continued to outpace person-to-person (P2P) transactions, underscoring UPI’s growing dominance in everyday retail payments.
P2M transactions rose 35 per cent to 37.46 billion, while P2P transactions increased 29 per cent to 21.65 billion, the report said.
The average ticket size declined to Rs 1,262 from Rs 1,363, indicating higher usage for micro-transactions such as mobility, food, healthcare essentials, and hyperlocal commerce.
India’s Digital Public Infrastructure (DPI), the report added, has played a transformative role in enabling universal access to services, bridging urban-rural gaps, and strengthening the country’s position as a global digital powerhouse.
— IANS
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