New Delhi, Jan 7 (IANS): The financial activities among the affluent class in the country is experiencing unprecedented levels, with the median individual managing over 434 peer-to-peer banking transactions annually and experiencing accelerated flows of earning, investing and spending, a report showed on Tuesday.

The dramatic increase in financial complexity has driven widespread adoption of digital personal finance management products over the past 12 months, according to the report by CRED Money, used by over 10 lakh Indians.

According to the findings, 42 per cent receive dividend payments (10 times yearly), indicating a mature approach to passive income generation.

The report found 116 incoming peer-to-peer transactions annually (Rs 7,82,838) balanced against 318 outgoing transfers (Rs 6,93,349 yearly) – marking a radical shift from traditional salary-based incoming payment patterns.

“The median user is taking a more hands-on approach to building wealth, with 71 per cent actively investing, a median of 28 times a year,” the report mentioned.

This high velocity of transactions from bank accounts is accelerated by the adoption of digital payment systems like UPI.

Affluent Indians are also among the strongest adopters of multiple payment methods, as indicated by the high volume and value of UPI transactions made by credit card users.

Digital public infrastructure is not only accelerating the volume of transactions through UPI, but also enabling the affluent to master it through the account aggregator framework, said the report.

The median user has 33 shopping debits, 16 health and wellness debits, 38 food and drink debits, and 25 transportation debits a year from their bank accounts, it added.

For 2024, the UPI transaction volume surged almost 46 per cent to 172 billion transactions, compared to 118 billion in 2023.

In value terms, UPI transactions grew by 35 per cent to nearly Rs 247 lakh crore last year, compared with Rs 183 lakh crore in 2023, as per the NPCI data.