UPI Achieves Milestone with 22.64 Billion Transactions in March: NPCI Report
Synopsis
India's digital payments landscape saw an unprecedented resurgence in March 2026, with UPI recording its highest transaction volume ever. Explore how this surge reflects the growing trend in digital payments and its impact on India's financial ecosystem.
Key Takeaways
UPI reached 22.64 billion transactions in March 2026, marking a record high.
Transaction value soared to Rs 29.53 lakh crore , a significant increase from previous months.
Year-on-year growth in transaction volumes was 24 percent .
PhonePe continues to dominate the UPI app market with a 45.5 percent share.
UPI's international presence is growing, enhancing India's fintech landscape.
New Delhi, April 1 (NationPress) The digital payments landscape in India experienced a remarkable resurgence in March 2026, as the Unified Payments Interface (UPI) achieved its highest monthly transaction volume since its inception in 2016, based on the latest figures from the National Payments Corporation of India released on Wednesday.
During March, UPI facilitated a staggering 22.64 billion transactions, a significant increase from the 20.39 billion transactions logged in February. This month's tally also eclipsed the previous record of 21.70 billion transactions set in January. Year-on-year, transaction volumes saw a 24 percent growth.
In terms of monetary value, UPI transactions reached Rs 29.53 lakh crore in March, compared to Rs 26.84 lakh crore in February. The transaction value for January stood at Rs 28.33 lakh crore.
The growth in transaction value was recorded at 19 percent year-on-year for March, slightly below the 22 percent increase observed in February.
On a daily basis, the average number of transactions experienced a slight rise to 730 million in March, up from 728 million in February.
Nonetheless, the average daily transaction value saw a slight decline, dropping to Rs 95,243 crore from Rs 95,865 crore in the preceding month.
Among various UPI applications, PhonePe maintained a leading position with a 45.5 percent market share in transaction volume as of February. Google Pay followed in second place with approximately 33 percent share, while Paytm held about 7 to 8 percent.
UPI is now operational in over eight countries including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, establishing India as a frontrunner in the global digital payments arena. The international expansion of UPI is enhancing remittances, fostering financial inclusion, and solidifying India's standing in the global fintech environment.
An independent study commissioned by India's Finance Ministry revealed that UPI has become the most favored payment method, accounting for 57 percent of total payment transactions in India, surpassing cash transactions at 38 percent, primarily due to its user-friendly nature and instant fund transfer capabilities.
Point of View
The surge in UPI transactions is a clear indication of India's robust digital payments ecosystem. This growth not only showcases technological advancement but also reflects the increasing acceptance of digital transactions among the populace. It is essential to foster this momentum to further enhance financial inclusion and economic stability.
NationPress
12 Jul 2026
Frequently Asked Questions
How many transactions were recorded by UPI in March 2026?
UPI recorded an impressive 22.64 billion transactions in March 2026.
What was the transaction value for UPI in March?
The total transaction value for UPI in March reached Rs 29.53 lakh crore .
Which UPI app holds the highest market share?
PhonePe leads the market with a 45.5 percent share of transaction volume as of February.
In how many countries is UPI operational?
UPI is currently operational in over eight countries, including the UAE, Singapore, and more.
