India’s New Year’s eve spending tops Rs 1.1 lakh crore as UPI hits record surge

India’s New Year’s eve spending crossed Rs 1.1 lakh crore as partygoers and last-minute shoppers leaned heavily on digital payments during the country’s biggest consumption night. Unified Payments Interface transactions surged 17.02% to Rs 1.12 lakh crore on December 31, compared with Rs 93,147.85 crore on New Year’s eve last year, highlighting the growing preference for instant digital payments.

Card spending presented a mixed picture. Credit card usage at physical point-of-sale terminals rose to Rs 1,879.85 crore from Rs 1,756.07 crore a year earlier, indicating steady discretionary spending at restaurants, hotels, and offline retail outlets during celebrations.

In contrast, credit card spending on ecommerce platforms dipped marginally to Rs 3,445.98 crore from Rs 3,483.90 crore in 2024, after having nearly doubled between 2023 and 2024. The slight decline coincided with a gig worker strike across multiple cities, which called for boycotts during the peak consumption period.

Debit card transactions saw limited movement. Ecommerce debit card spending edged up to Rs 517.42 crore, while physical store usage remained flat at Rs 783.31 crore, reinforcing the trend of UPI steadily displacing debit cards for everyday and high-frequency payments.