India’s digital payments ecosystem witnessed a historic milestone as Unified Payments Interface (UPI) recorded 22.64 billion transactions in March, the highest ever in a single month, according to the National Payments Corporation of India.
Strong Growth in Volume and Value
The latest data shows:
- 24% year-on-year growth in transaction volume
- Total transaction value reached ₹29.53 lakh crore, up 19% annually
This marks a steady rise compared to:
- February: 20.39 billion transactions
- January: 21.70 billion transactions
Daily Transactions Show Stability
- Average daily transactions increased slightly to 730 million (from 728 million in February)
- However, the average daily transaction value dipped to ₹95,243 crore from ₹95,865 crore
PhonePe, Google Pay Lead UPI Ecosystem
Among UPI apps:
- PhonePe led with 45.5% market share
- Google Pay followed with around 33% share
- Paytm held 7–8% share
UPI Expands Global Footprint
UPI is now operational in multiple countries, including:
- UAE
- Singapore
- Bhutan
- Nepal
- Sri Lanka
- France
- Mauritius
- Qatar
This growing international adoption is:
- Boosting cross-border remittances
- Driving financial inclusion
- Strengthening India’s position in the global fintech landscape
India Emerges as Digital Payments Leader
The continued rise of UPI highlights:
- Rapid digital adoption
- Increased consumer trust
- Strong policy support for cashless transactions
UPI’s record-breaking performance underscores India’s transformation into a global leader in digital payments innovation.
