New Delhi, April 2: The Unified Payments Interface (UPI) achieved a remarkable milestone in March, recording 22.64 billion transactions. This figure marks the highest number of transactions in a single month since UPI’s inception. Year-on-year, transaction volume increased by 24%. This information was released by the National Payments Corporation of India (NPCI) on Wednesday.
In February, the number of transactions stood at 20.39 billion, while January saw 21.70 billion transactions.
March also witnessed a 19% year-on-year increase in transaction value, totaling ₹29.53 lakh crore. This is up from ₹26.84 lakh crore in February and ₹28.33 lakh crore in January.
The average daily transaction count saw a slight rise, increasing from February’s 728 million to 730 million in March. However, the average daily transaction value dipped slightly from ₹95,865 crore to ₹95,243 crore.
Among UPI apps, PhonePe dominated in February with a 45.5% share of transaction volume. Google Pay followed with approximately 33%, while Paytm held a 7-8% share.
UPI is now operational in over eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, positioning India as a global leader in digital payments. The increasing international acceptance of UPI is driving remittances, promoting financial inclusion, and strengthening India’s position in the global fintech landscape.
According to an independent study commissioned by India’s Ministry of Finance, UPI has emerged as the preferred payment method, accounting for 57% of total payment transactions in India, significantly surpassing cash transactions at 38%. This preference is largely attributed to its ease of use and rapid money transfer capabilities.
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My name is Narendra Jijhontiya. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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