The Unified Payments Interface (UPI) continues to demonstrate its dominance in India's digital payment landscape, with November 2025 marking another milestone. Data released by the National Payments Corporation of India (NPCI) indicates that UPI has processed over 19 billion transactions, amounting to ₹24.58 lakh crore as of November 28. Other sources indicate that UPI recorded 20.47 billion transactions in November 2025. This signifies a substantial year-on-year increase, underscoring the deepening integration of digital payments into the daily lives of Indian consumers and businesses.
A comparison with November 2024 reveals a sharp rise in UPI activity, with 15.48 billion transactions valued at ₹21.55 lakh crore recorded during that period. The latest figures represent an approximate 23% increase in transaction volume and nearly 14% increase in transaction value compared to the previous year. When viewed against November 2023, the growth is even more pronounced, with transaction volume up by nearly 70% and value increasing by over 41% in just two years.
The consistent growth of UPI can be attributed to several factors, including increasing smartphone penetration, user-friendly payment interfaces, and widespread acceptance of QR-based payments by merchants of all sizes.
Looking at the financial year 2025-26 thus far, UPI has processed 12.41 billion transactions, with an average daily volume of 689.60 million and an average daily value of ₹91,324.77 crore. In contrast, the corresponding period in 2024-25 saw an average daily volume of 516.07 million and an average daily value of ₹71,839.58 crore. This further emphasizes the significant growth in both the frequency and value of UPI transactions.
NPCI data highlights a consistent upward trend over the past five years. In November 2021, UPI recorded 4.18 billion transactions worth ₹7.68 lakh crore, and by November 2022, these figures had nearly doubled. The system has maintained its upward trajectory since then, highlighting India's rapid transition from cash to digital payments. From 2021 to 2025, UPI's transaction volume has more than quadrupled, while the total transaction value has increased more than threefold.
While UPI transactions experienced a slight decrease from the 20.70 billion transactions reported in October, November still marked the third time since its launch that UPI crossed the 20 billion monthly transactions mark. The other instances were in August and October of this year. Despite this marginal month-on-month decline, UPI transactions grew 32% year on year. In terms of value, UPI reported ₹26.32 lakh crore in November, compared to ₹27.28 lakh crore in October.
The average daily transaction value stood at ₹87,721 crore in November, slightly below the ₹87,993 crore reported in October.
UPI, launched by NPCI in 2016, has expanded steadily beyond India through NPCI International to enable merchant payments and cross-border transactions. It is currently live in countries such as Singapore, UAE, Bhutan, Nepal, France, Sri Lanka, and Mauritius, with more international partnerships currently being rolled out. Recently, the Reserve Bank of India announced that UPI will be interlinked with TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem.
