In terms of number of transactions, the December figure is 7% higher than in November while, in value terms, the amount transacted last month was 8% more than the preceding one. Year on year, the number and value of transactions are up 71% and 55%, respectively.
In December, number of UPI transactions surpassed payments made during October when the number crossed 700 crore for the first time and the value also hit Rs 12 lakh crore. The surge in transactions in October was attributed to the two main festivals of Navratri and Diwali, falling during the same month, coupled with sales announced by online retailers.
In calendar year 2022, the UPI platform saw 7,404 crore transactions for Rs 125 lakh crore. Meanwhile, some users experienced downtime on their third-party UPI apps on December 31, which the operators said was due to heavy traffic.