UPI hits record highs in November even as GST collections slip post rate cuts

India’s digital payments ecosystem continues to scale new heights, with Unified Payments Interface (UPI) transactions touching fresh records in November.

According to National Payments Corporation of India (NPCI) data, India’s UPI transaction volume jumped 22% annually and continued its rapid rise crossing over 20 billion transactions worth INR26.32 lakh crore in November 2025. The GST collections for November 2025 have increased compared to the previous financial year, showing a stable tax base and sustained compliance levels.? However, gross GST collections for November 2025 work out to Rs.1,70,276 crore, which is lower than last month’s figures.?

Dilip Modi, Founder & CEO of Spice Money says the numbers show how deeply digital payments are now embedded in everyday India.

“UPI’s rise is more than a statistic; it reflects India’s collective digital progress and a foundation for a more empowered financial future.” — Dilip Modi ...