According to an independent study commissioned by the Finance Ministry, UPI accounted for 57 per cent of total transactions, while the cash stood at 38 per cent.
The study was conducted by an independent third-party research agency in consultation with the National Payments Corporation of India (NPCI).
According to the NPCI data, IMPS transaction volume was down by 4 per cent to 472 million in November, compared to 493 million in October and 473 million in September.
According to a Worldline report released on Tuesday, P2M transactions in the country are expected to account for 75% of all UPI transactions by 2025.
"It is a testament to the people of India embracing digital progress and a tribute to their skills. May this trend continue in the times to come."
The National Payments Corporation of India (NPCI) on Wednesday said that it has now permitted the Prepaid Payment Instruments (PPI wallets) to be part of the interoperable UPI ecosystem and there is no charge for customers.
According to data released by the National Payments Corporation of India (NPCI), UPI reported 6.28 billion transactions worth Rs 10.62 trillion in July -- an increase of 7 per cent over June.
