# UPI Sees 6.6% Dip in November but Maintains Strong Year-on-Year Growth

URL: https://technosports.co.in/upi-sees-6-6-dip-in-november/  
Published: 2024-12-01  
Updated: 2024-12-01  
Author: Raunak Saha

The **Unified Payments Interface ([UPI](https://technosports.co.in/tag/upi/))** continues to be a cornerstone of digital payments in India, processing an impressive **15.48 billion transactions** worth **Rs 21.55 lakh crore** in November 2024. While this marks a **6.6% decline** in transaction count and an **8.3% drop** in transaction value compared to October, the platform still showcases remarkable year-on-year (YoY) growth, highlighting its resilience and increasing adoption among users.

## November Transaction Insights

In October, [UPI](https://technosports.co.in/tag/upi/) recorded **16.58 billion transactions** valued at **Rs 23.50 lakh crore**, reflecting a significant surge of **10%** in volume compared to September’s **15.04 billion transactions**. However, November’s figures indicate a slight dip, with daily averages standing at **516 million transactions**, amounting to **Rs 71,840 crore**.

Despite the month-on-month decline, UPI’s year-on-year performance remains robust, with a **38% increase** in transaction count and a **24% rise** in transaction value compared to the same month last year. This growth underscores the platform’s integral role in facilitating digital payments across the country.

![UPI](https://images.technosports.co.in/2024/12/upi-image-2-800x430-1.webp)

## Market Share Dynamics

In terms of market share, **PhonePe** experienced a minor decrease, dropping to **47.66%** in November from **48%** in September. Meanwhile, **Google Pay** and **Paytm** maintained their market shares by volume. Notably, **Navi** has surpassed **CRED** to become the fourth-largest player in UPI by transaction volume, marking a significant shift in the competitive landscape. The market share data for November is still pending release, but these trends indicate a dynamic and evolving market.

## Global Expansion

UPI is not just limited to India; it has expanded its services to several countries, including **Sri Lanka, Mauritius, France, the UAE, Singapore, Bhutan, and Nepal**. The **National Payments Corporation of India (NPCI)**, through its international arm (NIPL), is actively engaging with at least **20 countries** across Africa and South America to help develop systems similar to UPI. This international outreach reflects the growing recognition of UPI as a model for efficient digital payments.

![uPI](https://images.technosports.co.in/2024/11/image-144.png)

## Enhancements to UPI Transactions

In recent months, [NPCI](https://www.npci.org.in/) has implemented significant changes to [UPI](https://technosports.co.in/tag/upi/) transaction limits. The upper limit for certain types of UPI payments has been raised to **Rs 5 lakh**, and caps for **UPI Lite Wallet** and **UPI 123Pay** have also been increased. These adjustments aim to encourage greater adoption of digital payments, aligning with the Indian government’s ambitious goal of achieving **1 billion daily transactions by 2026-27**.