UPI Transactions Cross 11 Billion Mark for Second Month in November

UPI Transactions Cross 11 Billion Mark for Second Month in November

UPI processed 11.24 billion transactions in November, worth a staggering Rs. 17.40 lakh crore (Rs. 17.40 trillion).

Despite a minor dip in transaction volume compared to October's 11.41 billion, the overall trend indicates continued growth.

UPI has consistently recorded over 10 billion transactions since crossing the milestone for the first time in August 2023.

Digital payments platform PhonePe achieved a new milestone in October, surpassing 5 billion transactions via UPI, contributing nearly half of the total volume.

Google Pay and Paytm remained close behind with significant transaction volumes, solidifying their presence in the digital payments landscape.

India's Unified Payments Interface (UPI) has maintained its remarkable growth trajectory, recording over 11 billion transactions for the second consecutive month in November 2023. While the transaction volume witnessed a slight decline compared to October, the total value of transactions remained robust, highlighting the increasing adoption of UPI as the preferred payment method across the country.

Further Insights:

  • Market Share: Entrackr reported that PhonePe held a dominant market share of nearly 47% in October, followed by Google Pay with 36% and Paytm with 12%. The November breakdown is yet to be released.

  • Global Expansion: UPI continues its international expansion, having entered France earlier this year and exploring opportunities in Sri Lanka and the UAE. Its presence is already established in Bhutan, Nepal, and Singapore.

  • Market Cap Limit: The NPCI extended the market cap limit for UPI players to 30% for two years, demonstrating its commitment to maintaining a healthy and competitive digital payments ecosystem.

Future Outlook:

The continued growth of UPI transactions underscores its transformative impact on the Indian economy. With its ease of use, instant settlement, and interoperability, UPI has revolutionized the way people pay and businesses receive payments. As UPI expands its reach geographically and integrates with new technologies, its impact is expected to further strengthen, driving a more inclusive and cashless society.

Additional Data and Insights:

  • The total value of UPI transactions has grown exponentially in recent years, exceeding Rs. 200 lakh crore in FY23.

  • UPI accounts for over 60% of all digital payments in India.

  • The average transaction value on UPI has been increasing steadily, reflecting its growing popularity for larger purchases.

  • Several factors contribute to UPI's success, including its secure infrastructure, seamless user experience, and government initiatives promoting its adoption.


UPI's sustained growth and widespread adoption mark a significant milestone in India's digital transformation journey. This innovative payment system has empowered millions of users and businesses, paving the way for a more inclusive and efficient financial ecosystem. As UPI continues to evolve and expand its reach, it undoubtedly plays a crucial role in shaping the future of digital payments in India and beyond.

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December 1, 2023

Kalpana Maurya