The Unified Payments Interface (UPI) processed 15.48 billion transactions worth Rs 21.55 lakh crore in November, marking a 6.6 per cent decline in transaction count and an 8.3 per cent dip in transaction value compared to October 2024. However, the platform still posted strong year-on-year (YoY) growth, with a 38 per cent increase in transaction count and a 24 per cent rise in transaction value. November also saw a daily average of 516 million transactions worth Rs 71,840 crore.
While October experienced a 10 per cent surge in UPI transactions compared to September, the market share of leading players showed slight shifts. PhonePe's market share dipped slightly to 47.66 per cent, while Google Pay and Paytm’s shares remained stable. For the first time, Navi surpassed CRED to become the fourth-largest player in UPI by volume.
UPI's reach has also expanded beyond India, with services now available in countries including Sri Lanka, Mauritius, France, the UAE, Singapore, Bhutan, and Nepal. The National Payments Corporation of India's (NPCI) international arm (NIPL) is in talks with over 20 countries across Africa and South America to help them develop UPI-like systems.
To encourage further adoption, the NPCI recently increased UPI transaction limits, raising caps for certain payment types to Rs 5 lakh and also boosting limits for UPI Lite Wallet and UPI 123Pay. These changes align with the Indian government's ambitious goal of achieving 1 billion daily transactions by 2026-27.
