UPI processes 20.47 Bn transactions in November

Unified Payments Interface recorded 20.47 billion transactions in November 2025, slightly below the 20.70 billion transactions reported in October, according to fresh data from NPCI. Despite the marginal month on month decline, UPI transactions grew 32% year on year.

This marks the third time since its launch that UPI has crossed 20 billion monthly transactions, the earlier instances being in October and August this year.

In terms of value, UPI reported Rs 26.32 lakh crore in November compared to Rs 27.28 lakh crore in October. While the annual growth rate stood at 22%, the monthly dip points to a mild cool off after October which was driven by festival related spending.

Average daily transactions rose to 682 million, while the average daily transaction value stood at Rs 87,721 crore, slightly below October which reported Rs 87,993 crore.

In October, PhonePe continued to dominate the ecosystem with 9.4 billion UPI transactions, well ahead of Google Pay and Paytm. NPCI has not yet released the UPI app wise distribution for November.

UPI, launched by NPCI in 2016, has expanded steadily beyond India through NPCI International to enable merchant payments and cross border transactions. It is already live in countries such as Singapore, UAE, Bhutan, Nepal, France, Sri Lanka and Mauritius, with more overseas partnerships currently under rollout.

Recently, the Reserve Bank of India said that UPI will be interlinked with TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem.