India’s digital payments ecosystem continues to show robust growth despite a slight slowdown in November 2025. The Unified Payments Interface (UPI) recorded 20.47 billion transactions worth ₹26.32 trillion, reflecting sustained adoption of high-value digital payments across metros and smaller towns.
The Unified Payments Interface (UPI) posted a marginal decline of 1 per cent in transaction volume during November 2025, registering 20.47 billion transactions valued at around ₹26.32 trillion.
This minor slowdown comes after October 2025, which recorded the highest-ever UPI numbers, with 20.7 billion transactions worth ₹27.28 trillion, driven by the post-festival season surge and GST 2.0 relief measures.
In November, the transaction value decreased by 3.5 per cent compared to October. For context, September 2025 recorded 19.63 billion transactions with a total value of ₹24.9 trillion. Despite this dip, average daily UPI transactions rose from 668 million in October to 682 million in November, indicating strong everyday usage.
“Despite this moderation, UPI continues to comfortably operate above the ₹26 trillion threshold, pointing to healthy economic activity and rising confidence in high-value digital payments. The average daily transaction count — consistently in the 660–680 million range for October and November — further highlights UPI’s ability to deliver reliability at massive scale. Taken together, these month-on-month trends reflect a rapidly maturing digital payments ecosystem, where high-frequency, high-value transactions have become part of everyday life. UPI’s steady performance underscores its role as a foundational pillar of India’s cashless economy,” said Ramakrishnan Ramamurthy, Chief Delivery and Operations Officer – India, Worldline.
Interestingly, November 2025 saw a 32 per cent year-on-year rise in transaction volume and a 22 per cent increase in transaction value compared to November 2024, underscoring the accelerating adoption of digital payments.
“This shows that digital payments are no longer a habit for the few, they have become the default way India transacts, across metros and small towns alike. What’s especially powerful is how Tier-II and Tier-III adoption, ubiquitous QR infrastructure, and the shift toward higher-value digital payments are steadily expanding the system’s depth. With scaling of credit on UPI and the launch of innovations like Reserve Pay and biometric authentication, we’re moving from digitising payments to reimagining what payments can do,” said Akash Sinha, CEO and Co-founder, Cashfree Payments.
The Immediate Payment Service (IMPS) observed a decline of 8.6 per cent, registering 369 million transactions in November compared to 404 million in October 2025. September 2025 had seen 394 million IMPS transactions.
In terms of value, IMPS payments fell 4 per cent from ₹6.42 trillion in October to ₹6.15 trillion in November, though this remained higher than September’s ₹5.98 trillion.
Daily IMPS transactions also dipped, with 12.3 million per day in November, down from 13.02 million in October and 13.15 million in September. The average daily value decreased slightly by about 1 per cent from ₹20,709 crore to ₹20,506 crore.
FASTag usage continued its upward trajectory in November 2025, with 369 million transactions, a 2.2 per cent increase from 361 million in October. September had recorded 333 million transactions.
In terms of value, FASTag transactions rose 5 per cent to ₹7,046 crore, up from ₹6,686 crore in October and ₹6,421 crore in September. Average daily transactions increased to 12.31 million, with a daily value of ₹235 crore, indicating growing adoption of electronic toll payments.
The Aadhaar Enabled Payment System (AePS) recorded 108 million transactions in November, down 3.6 per cent from 112 million in October. In September, AePS had 106 million transactions.
The total transaction value stood at ₹28,428 crore, compared to ₹30,509 crore in October. Daily transaction count remained stable at 3.6 million, with a daily value of ₹948 crore.
UPI continues to dominate India’s digital payment ecosystem, maintaining transaction values above ₹26 trillion.
Tier-II and Tier-III adoption, high-value digital transactions, and QR infrastructure are driving growth.
IMPS and AePS saw slight dips, whereas FASTag continues to show steady growth.
The data reflects a maturing digital payments landscape, emphasizing the shift towards cashless and high-frequency payments across the country.