Unified Payments Interface (UPI) purchases struck a document 16.73 billion in December 2024, reveals information launched by the National Payments Corporation of India (NPCI). This number notes a 8 percent rise as contrasted to November’s information, which videotaped 15.48 billion purchases.
NPCI likewise reported that the complete worth of purchases in December totaled up to 23.25 lakh crore, which is considerably up from 21.55 lakh crore in November.
The typical everyday deal matter in December was 539.68 million, a surge from 516.07 million inNovember A comparable rise was seen in May 2024, when 14.03 billion purchases were videotaped as versus April’s number of 13.3 billion purchases.
NPCI prolongs target date for conformity with UPI quantity cap
On January 1, 2025, NPCI prolonged the execution of UPI quantity cap standards by 2 years to December 2026.
Although the retail repayments managing firm had actually initially intended to carry out quantity cap standards in 2021, it was postponed to 2024 after pushback from provider. The NPCI likewise reduced limitations on WhatsApp Pay and permitted it to expand its solutions to all its customers.
“Considering various factors, the timeline for compliance of existing Third Party Application Provider (TPAPs), who are exceeding the volume cap, is extended by two years, i.e., till December 31, 2026,” the NPCI claimed in a declaration.
The cap uses just to third-party application companies. The UPI applications supplied by financial institutions are excluded from such a ceiling.
The expansion step is viewed as favorable for PhonePe and Google Pay, which control the UPI repayments market. The restriction on UPI purchases mostly influenced both biggest TPAPs. Currently, just 2 applications out of over 75 UPI applications – PhonePe, and Google Pay– represent over 85% of all UPI purchases in India, by quantity and worth, based on information by the National Payments Corporation of India.
