India's UPI records 11 billion transactions for the second time in November

India's top digital payment system, Unified Payments Interface (UPI), has recorded 11.24 billion transactions in November, crossing the 11 billion mark for the second time. 

The figure, though slightly lower than October's 11.41 billion, represents a consistent performance above the 10 billion mark since August. The total value of these transactions reached Rs 17.4 lakh crore, a marginal increase from October's Rs 17.16 trillion, according to data shared by NPCI.

Comparison with previous months 

Compared to September's 10.56 billion transactions valued at Rs 15.8 trillion, November's figures show a steady growth. Year-on-year, there's a notable increase of 54% in volume and 46% in value compared to November last year. 

Performance of other digital payment methods

While UPI leads, other digital payment methods also showed varied trends. Immediate Payment Service (IMPS) transactions decreased slightly to 472 million in November from October's 493 million.

FASTag transactions, used for digital toll payments, saw a marginal increase to 321 million in November. Aadhaar Enabled Payment System (AePS) transactions grew by 10% to 110 million, indicating a broader adoption of digital payment methods.

Who leads the market share?

Digital payments platform PhonePe achieved a new milestone with 5.33 billion transactions in October, leading the UPI market. Google Pay and Paytm followed, contributing significantly to the total UPI volume. 

What's ahead?

The National Payments Corporation of India (NPCI) said it is focusing on enhancing UPI's capabilities. Innovations like credit line access, NFC-based offline payments, and conversational payment solutions were unveiled at the Global Fintech Fest 2023. 

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