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Industry executives said the steady performance—despite a high-base October—signals the deepening integration of digital payments in everyday financial behaviour.
Provisional figures released by several payments platforms indicate that UPI closed the month at around 20.47 billion transactions, with the total value touching ₹26.32 lakh crore, reflecting continued week-on-week traction.
Year-on-year, UPI transactions grew 32% in volume and 22% in value, marking one of the strongest monthly expansions for the platform in 2025.
Kiwi co-founder Anup Agarwal said November’s numbers underline “how deeply digital payments have entered everyday India,” noting that UPI’s rise from around 15 billion transactions and ₹21 lakh crore a year ago shows “how rapidly digital confidence is spreading across every part of the country.”
Agarwal added that Credit on UPI is becoming an important behavioural shift, helping users manage expenses and strengthen their credit footprint.
PayNearby founder and CEO Anand Kumar Bajaj said the milestone reflects the growing reliability of UPI, supported by the expansion of QR acceptance, interoperable wallets and last-mile digital services.
He highlighted the platform’s 682 million daily transactions, calling UPI the “foundation of commerce in India from metros to the smallest gram panchayats.”
Cashfree Payments co-founder and CEO Akash Sinha said the 20.47 billion-transaction mark shows the robustness of digital payments even after the festive peak in October.
He pointed to rising usage in tier-2 and tier-3 towns and a shift toward higher-value payments. Innovations such as Reserve Pay, biometric authentication and the scaling of credit on UPI, he added, will define the next phase of digital payments.
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