Digital Payments Soar to Year-High in December Post-GST Cuts, Consumer Confidence Boosts Transactions

• Digital payments, including UPI and FASTag, hit fiscal year highs in December for both transaction volume and value.
• High-value payment methods like NEFT, RTGS, and NACH also recorded their highest figures in December.
• IMPS saw increased transaction value but decreased volume, as UPI gains popularity for lower-value payments.
• Credit and debit card transactions were below September's peak, which was driven by e-commerce sales events and card discounts.
• December's record figures surpassed October's festive month and even May/August, indicating strong post-GST cut momentum.

Why It Matters: GST cuts fueled a December surge in digital payments, reaching year-highs across most platforms.