Transactions made through the Unified Payments Interface (UPI) remained well above Rs 20 lakh crore for the eighth month in a row in December, ending the year on a high note.
UPI transactions totaling Rs 23.25 lakh crore were 27.5 percent higher than in November, but remained below the Rs 23.5-lakh-crore summit they had climbed in October.
Transaction volumes, however, reached their highest in December at 16.73 billion, compared with 15.48 billion a month back. The volume was 39 percent higher than that of the last year's, but the pace of growth tapered off from over 40 percent seen in the first seven months of the fiscal.
In terms of daily volumes, 540 million transactions were done daily using a network of over 600 banks, while Rs 74,990 crore of daily transactions were carried out on this platform.
The value per transaction too increased to Rs 1,400 during the October-December quarter from Rs 1,393 in the previous quarter.
National Payments Corporation of India on December 31 gave a breather to top UPI apps, pushing the market cap deadline to December 2026. Market leaders PhonePe and GPay have two years to cut their market share.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
