MUMBAI: UPI transactions in Nov 2024 showed a slight dip from the previous month. While total transaction volume fell by 6.6% to 1,548 crore, overall value declined by 8.3% to Rs 21.6 lakh crore. In Oct, transactions had risen to 1,658 crore in volume and Rs 23.5 lakh crore in value, driven by e-commerce sales.
Bankers attributed the contraction to factors such as post-festival seasonal spending patterns or temporary economic shifts. Despite this monthly decline, UPI’s overall growth remains strong. Compared to Nov 2023, transaction volume surged 38% and the value transacted grew by 24%.
There has also been a 13% decrease in IMPS transaction count from Oct to Nov 2024 (46.7 crore to 40.8 crore). The total transaction value in Nov (Rs 5.6 lakh crore) is lower than Oct (Rs 6.3 lakh crore) by 11.1%.
