India's Unified Payments Interface (UPI) recorded 23.20 billion transactions in May 2025, a 24 per cent rise year-on-year, with total transaction value climbing to ₹29.90 lakh crore — just short of the ₹30 lakh crore milestone, according to data released by the National Payments Corporation of India (NPCI) on 2 June 2025. Transaction value grew 19 per cent year-on-year, underscoring the sustained momentum in India's digital payments ecosystem.

Key Numbers at a Glance

On a daily average basis, UPI processed approximately 748 million transactions in May, with average daily transaction value at roughly ₹96,465 crore. Month-on-month, transaction volumes rose around 3.8 per cent from April, while value increased nearly 3 per cent.

In April 2025, UPI had recorded 22.35 billion transactions worth ₹29.03 lakh crore — a 25 per cent annual volume growth and 21 per cent value growth — with daily average transactions at 745 million, up from 730 million in March.

Other Digital Payment Channels

Beyond UPI, the Immediate Payment Service (IMPS) recorded 358 million transactions in May, while the Aadhaar-Enabled Payment System (AePS) clocked 88 million transactions during the same period. Together, these platforms reflect the broadening depth of India's real-time payments infrastructure beyond smartphone-based transfers.

UPI's Decade-Long Surge

According to government figures, UPI has registered an extraordinary 12,000-fold increase in transaction volumes over the past decade. From a base of just 2 crore transactions in FY2016-17, the platform processed over 24,162 crore transactions in FY2025-26 — a trajectory that few payment systems globally have matched.

This comes amid UPI's expanding international footprint. The platform is now live in more than eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, positioning India as a significant force in cross-border digital payments.

What the Growth Signals

The steady month-on-month uptick — even as year-on-year comparisons remain strong — suggests UPI adoption is maturing rather than plateauing. Analysts note that the ₹30 lakh crore monthly value threshold, if crossed in June, would mark a symbolic inflection point for the platform. Notably, the growth is being driven not just by peer-to-peer transfers but increasingly by merchant payments, utility bills, and recurring mandates — diversifying the transaction base.

With NPCI continuing to onboard new international markets and domestic use cases expanding, UPI's trajectory into the second half of 2025 will be closely watched by both policymakers and fintech investors.