NEW DELHI – Unified Payments Interface (UPI) recorded more than 20 billion transactions worth ₹26.32 lakh crore in November, reflecting surging demand for digital payments across the country as consumers and merchants continue shifting away from cash, according to data from the National Payments Corporation of India (NPCI).
Transaction volumes rose 23% year on year, underscoring the central role of mobile payments in retail trade, bill settlements and peer-to-peer transfers. Industry leaders said the trend points to deepening digital financial habits in both urban and rural markets, driven by low transaction costs and wider internet access.
Dilip Modi, founder and CEO of fintech firm Spice Money, said the rapid expansion illustrates how digital payments have become an everyday utility.
“UPI surpassing 20 billion transactions worth ₹26.32 lakh crore in November 2025 shows how deeply digital payments are now embedded in everyday India. A 23% year-on-year rise highlights growing trust, rapid adoption and a major behavioural shift across the country,” Modi said.
The figures come as the government steps up efforts to promote cashless transactions through incentives for small businesses and tighter monitoring of informal cash movement. Banks and payment companies have launched new products targeting micro-enterprises, neighbourhood retailers and gig workers who increasingly rely on QR-code payments for daily transactions.
Despite growth, industry executives warn that UPI now requires stronger safeguards to protect users from phishing scams, technical disruptions and fraud. Modi said maintaining safety and accessibility must be central to future development.
“As we move forward, strengthening resilience, security and inclusion will be key to ensuring digital payments remain safe, accessible and beneficial for every citizen. UPI’s rise is more than a statistic; it reflects India’s collective digital progress and a foundation for a more empowered financial future,” he said.
Economists note that the rise of digital payments is helping formalise financial activity, improve tax transparency and encourage greater participation in the banking system. Yet cash still dominates in sectors such as agriculture and offline contract work, and adoption remains uneven in parts of eastern and northern India.
NPCI officials said they expect continued double-digit growth next year as more transactions shift to smartphones and low-cost feature phones. The central bank is also working with fintech players to test offline payment solutions for low-connectivity regions.
