Unified Payments Interface continued its high-volume run in November 2025, recording 20.47 billion transactions, marginally lower than October’s 20.70 billion, according to new data from NPCI. Despite the slight dip, UPI maintained strong momentum with 32% year-on-year growth, reflecting India’s deepening shift toward digital-first payments.
A Stable High-Traffic Month
This is the third time UPI has crossed the 20-billion mark in a single month earlier achieved in August and October 2025. The marginal decline was expected after the festival-driven surge in October, which historically boosts retail, e-commerce, and P2M transactions.
In value terms, UPI processed ₹26.32 lakh crore in November, compared to ₹27.28 lakh crore in October, marking a 22% annual jump. Average daily volumes held steady at 682 million transactions, with daily value averaging ₹87,721 crore, only slightly below October’s peak.
Ecosystem Dynamics and Market Leaders
While app-wise numbers for November are yet to be released, PhonePe led October with 9.4 billion transactions, far ahead of Google Pay and Paytm. The dominance of top players underscores the consolidation in India’s digital payments landscape, even as new features such as credit on UPI and UPI Lite boost wider adoption.
UPI’s Global Push Accelerates
Launched in 2016, UPI’s evolution has moved far beyond domestic rails. Through NPCI International, the platform is now live in Singapore, UAE, Bhutan, Nepal, France, Sri Lanka, and Mauritius, enabling cross-border merchant payments and smoother travel transactions.
In a major expansion milestone, the Reserve Bank of India recently announced UPI’s interlinkage with TARGET Instant Payment Settlement (TIPS) Europe’s instant payment system. This move positions UPI as a globally interoperable payment architecture and sets the stage for wider acceptance across the EU.
Final Take
November’s slight cool-off doesn’t overshadow UPI’s long-term trajectory. With expanding global corridors, growing merchant adoption, and consistent double-digit growth, UPI remains India’s most powerful digital export and its most transformative financial infrastructure.
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