NEW DELHI, Dec 2: India’s Unified Payments Interface (UPI) continues to witness extraordinary growth, it would be no surprise if the number of UPI transactions touches 25 billion a month towards the end of 2025, industry experts said on Monday.

In October 2024, UPI hit a record high of 16.58 billion transactions, with a transaction value of Rs 23.50 lakh crore. In November, UPI transactions stood at 15.48 billion, reflecting a 38 percent year-on-year growth, with a total transaction value of Rs 21.55 lakh crore, marking a 24 percent increase compared to the same period last year.

Sunil Rongala, Senior Vice President, Head–Strategy, Innovation, and Analytics at Worldline India, attributed the spike in October to the festive season, which typically sees an increase in transactions across all spending channels. He noted that a more representative figure would be the September 2024 transaction volume, which stood at 15.04 billion, suggesting that UPI transactions are experiencing a consistent rise month-on-month.

“Given the current trend, the increasing smartphone penetration, the emergence of new use cases, and UPI’s expansion to feature phones, it will be no surprise if the number of UPI transactions touches 25 billion a month by the end of 2025,” Rongala said.

In November 2024, the daily UPI transactions totaled 516 million, with a total transaction value of Rs 71,840 crore. Meanwhile, the Immediate Payment Service (IMPS) recorded 408 million transactions, amounting to Rs 5.58 lakh crore in total transaction value.

The government has highlighted UPI’s role in making financial transactions fast, secure, and seamless, as well as in empowering individuals, small businesses, and merchants. This digital payment revolution is driving India’s shift toward a cashless economy.