Unified Payment Interface (UPI) saw an increase of 6% in the total transaction volumes between October and November 2019, according to data published by the National Payments Corporation of India (NPCI). For the same period, the amount transacted went down by 1.1%. NPCI is a private company owned by Indian banks; it owns and operates important payments systems such as UPI and IMPS.


The total number of transactions in November 2019 was around 2.32 times higher than in the same month last year. The amount transacted went down to Rs 1,89,229 crores over the previous month. The amount transacted in November 2019 was also 2.3 times the amount in November 2018. However, given the limited impact of seasonality on digital payments, and the fact that this is supposed to be a high growth sector, month-on-month data needs to be looked at.

Some observations

1. Although the number of transactions has been on increase, the amount transacted declined in November 2019. Thus, the amount transacted per day has been on increase since May 2019.

2. The number of transactions grew by 70.4 million in November, whereas the total amount transacted went down by Rs 2,130.9 crores. In the previous month (October 2019), volume had increased by 193.3 million and the amount transacted had grown by Rs 29,903.4 crores.

3. The average amount per transaction slightly decreased to Rs 1,553 for November 2019, with an increase in the number of transactions. The average has been trending down since May 2019, but it has remained above the Rs 1,000 mark for the last 12 months.

4. The number of banks on UPI increased to 143 in November 2019.