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UPI transactions dip in November after festive spike, but up 32% on-year
The Unified Payments Interface (UPI), operated by the National Payments Corporation of India (NPCI), saw a marginal dip in both transaction volume and value in November, following a surge during the festival month of October.
NPCI data shows UPI processed 20.47 billion transactions in November, down from 20.7 billion in October. The value of transactions also declined 3.5% to Rs 26.32 lakh crore from Rs 27.28 lakh crore in the previous month.
This year, October saw increased consumer spending as major festivals such as Navratri, Dussehra, and Diwali came in that month. The period also benefitted from the recent goods and services tax (GST) cuts, which made a range of products more affordable, further driving digital payments.
Despite the month-on-month decline, the broader trend remains positive, according to industry executives.
“The slight dip in November versus October is completely natural. October witnessed an unusually sharp spike driven by Diwali-related retail purchases, elevated merchant flows, travel demand, and e-commerce activity, resulting in a temporarily inflated base. As the festive surge eased, November simply returned to a more typical consumption pattern,” said Ramakrishnan Ramamurthy, chief delivery and operations officer – India, at Worldline, a digital payments processing firm.
The average daily transaction volume during November stood at 682 million, with a daily average value of Rs 87,721 crore.
On a year-on-year basis, however, UPI continued to record strong growth, with transaction volumes rising 32% and transaction value increasing 22%.
“From September to November, UPI has consistently operated in the 19–20 billion transactions range, with total values holding steady around Rs 25 lakh crore. This indicates that the ecosystem has moved to a much higher baseline for digital payments,” Ramamurthy added.
Other digital payment channels also saw a dip in November. The Immediate Payment Service (IMPS) processed 369 million transactions worth Rs 6.15 lakh crore, down from 404 million transactions worth Rs 6.42 lakh crore in October. Aadhaar Enabled Payment System (AePS) transactions declined sequentially to 108 million from 112 million.
Fastag was the only category to record an increase, with transactions rising to 369 million in November from 361 million in October.
For FY25, NPCI reported a 41.7% rise in net profit to Rs 1,552 crore, according to credit rating agency ICRA. As a not-for-profit entity, NPCI records profits as `revenue surplus'. Its revenues increased 19% to Rs 3,270 crore in FY25, up from Rs 2,749 crore in FY24.
PhonePe and Google Pay continued to lead UPI transactions, though competition has intensified, with smaller players including Bhim, Navi, and Super.Money expanding their market share significantly over the past six months.
NPCI has been working to expand the UPI user base. Recently, NPCI Bhim Services introduced UPI Circle full delegation on the Bhim app, allowing primary users to authorise trusted contacts to make UPI payments of up to Rs 15,000 on their behalf.
Credit transactions through UPI are also expected to rise as large lenders including Axis Bank, HDFC Bank, and Kotak Mahindra Bank begin processing more credit-linked UPI payments, as reported by ET.
Source: EconomicTimes
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