India's UPI transactions surged 38% year-on-year in November, despite a 7% monthly drop.

In November, India's UPI transactions grew 38% year-on-year to 15.48 billion, with a 24% increase in value to Rs 21.55 lakh crore. Despite this growth, there was a 7% monthly drop from October, attributed to reduced festive spending. UPI now dominates payments, with over 10 billion merchant transactions in October, up 53% YoY, while credit card transactions rose 35% to 433 million. The system aims to transition to UPI Lite for low-ticket transactions, reducing bank infrastructure load.

December 01, 2024
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