UPI transactions surge to record 782 crore in December 2022

There was a 7% growth in the total number of transactions compared with November when the total transactions stood at 730 crore, totalling a value of Rs 11,9 lakh crore - a month-on-month growth of 8%.

Year-on-year, the number and value of transactions were up 71% and 55%, respectively.

Similarly, the December figures were also higher than that of October, when the total number of transactions stood at 730 crore - the first time ever it crossed 700 crore - totalling to value of Rs 12.11 lakh crore.



The surge in transactions in October was mainly due to the festivals of Navratri and Diwali along with sales announced by online retailers. Barring a small dip in November, the value of UPI transactions has been consistently increasing, month-on-month basis.

In 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.

According to a month-old report, UPI transactions saw a 650% jump at the semi-urban and rural stores in India. There was a growth of 25 per cent and 14 per cent in value and volume, respectively, in assisted financial transactions across semi-urban and rural retail counters in the country in 2022, according to the report by branchless banking and digital network PayNearby.

This indicates a behavioural shift in the consumers in these regions, with more citizens adopting assisted digital means for their banking and lifestyle requirements and getting incorporated into the formal economy, the report mentioned.