New Delhi, March 1: The number of transactions via the Unified Payments Interface (UPI) saw a significant annual increase of 27% in February, reaching 20.39 billion. The total value of these transactions also rose by 22% year-on-year, amounting to ₹26.84 lakh crore, according to data released by the National Payments Corporation of India (NPCI).
The NPCI data indicates that the average daily transaction value in February was ₹95,865 crore, up from ₹91,403 crore in January. On average, there were 728 million transactions per day in February, compared to 700 million in January.
In January, UPI transactions had already recorded a 28% increase from the previous year, reaching 21.70 billion, with a transaction value growth of 21% to ₹28.33 lakh crore.
Additionally, the monthly volume of the Immediate Payment Service (IMPS) in February was 336 million, reflecting a 14% increase year-on-year, with a total value of ₹6.42 lakh crore. This translates to an average of 12 million transactions per day.
February also saw Fastag transactions reach 350 million, valued at ₹6,925 crore, marking a 5% annual growth.
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 expanding international reach of UPI is contributing to increased remittances, promoting financial inclusion, and strengthening India’s position in the global fintech landscape.
Last week, India and Israel announced a deepening of their digital and financial partnership by enabling cross-border UPI usage. This initiative will connect UPI with Israel’s domestic payment infrastructure, facilitating faster and more affordable digital transactions.
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, surpassing cash transactions (38%). This shift is largely attributed to its ease of use and the capability for instant money transfers.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
