Talking about digital payments in India, UPI (Unified Payments Interface) has taken the form of a revolution. The November 2024 figures tell us the story of both the success and challenges of UPI. Let’s understand it in detail.
UPI November 2024 figures: What do these figures say?
In November 2024, UPI did 15.48 billion transactions, the total amount of which was ₹21.55 lakh crore. These figures are 6.6% less than 16.58 billion transactions (₹23.50 lakh crore) of October 2024.
Monthly decline: What could be the reasons?
- Post-festival slowdown: There was a surge in transactions in October due to festive shopping. It decreased in November.
- Increasing transaction limit: Some large transactions may be out of UPI due to the new changes.
- Use of traditional payments: There is still a tendency to pay cash in rural areas.
Annual growth: Unique achievement of UPI
In November 2024, UPI recorded 38% transaction growth and 24% value growth. This shows that the scope of UPI is constantly increasing.
How was this growth possible?
- Simple use: The interface of UPI is intuitive for users.
- Access everywhere: From small shopkeepers to big brands, UPI is available to everyone.
- Rapid international expansion: UPI is now available in countries like Sri Lanka, Mauritius, France, UAE, Singapore, Bhutan, Nepal.
UPI daily average figures
- Daily transactions: 516 million
- Daily transaction value: ₹71,840 crore
Can these figures reach the target of 2026-27?
The Indian government aims to reach 1 billion daily transactions. This is possible, provided the pace of innovation and expansion in UPI continues.
UPI market share: Who is on top?
- PhonePe: Market share was 47.66% in October.
- Google Pay and Paytm: Their market share remained stable.
- Navi rises: Navi overtakes CRED to take the fourth spot.
Latest Changes: UPI Transaction Limit
NPCI (National Payments Corporation of India) made some major changes in UPI:
- New Transaction Limit: The limit has been increased to ₹5 lakh for some payments.
- Increase in limit of UPI Lite Wallet and UPI 123Pay.
UPI expands internationally
UPI has made its presence felt not only in India but also abroad.
Which countries are connected?
- Sri Lanka
- Mauritius
- France
- UAE
- Singapore
- Bhutan
- Nepal
Upcoming targets
NPCI’s international arm (NIPL) has started discussions with more than 20 countries in Africa and South America.
Government’s plan: Dream of Digital India
The Indian government is committed to promote digital transactions.
Target by 2026-27
- 1 billion daily transactions
- Making UPI more inclusive and comprehensive
Is UPI better than other digital payment services?
- Faster payments: UPI’s speed is higher than other platforms.
- Security: 2-factor authentication makes it secure.
- Low charges: UPI does not charge any additional charges from the users.
Benefits of UPI for Consumers
- Simple interface: No technical knowledge required.
- Available all the time: 24/7 transaction facility.
- Useful for small and big merchants.
Growing challenges: The way forward for UPI
Transaction security
Development of new technologies is necessary to avoid digital fraud.
Reach in rural areas
Many rural areas are still untouched by UPI.
Conclusion
UPI has given India a new identity in the world of digital payments. However, it has to strengthen innovation, security and access to reach its goal.
Frequently Asked Questions (FAQs)
- What does UPI’s November 2024 transaction data say?
UPI processed 15.48 billion transactions in November 2024, amounting to a total of ₹21.55 lakh crore.
- What is the significance of UPI’s international expansion?
UPI is now available in 7 countries and discussions are underway to expand to 20 more countries. - Who is leading UPI’s market share?
PhonePe led with 47.66% market share in October 2024. - What are the changes in transaction limits in UPI?
The limit has been increased to ₹5 lakh for some transactions. - How is UPI better than other platforms in digital payments?
UPI is fast, secure and fee-free.