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UPI transactions decline in February but remain strong YoY

EntrackrEntrackr · 1y ago
UPI transactions decline in February but remain strong YoY
Medial

UPI transactions decline in February but remain strong YoY Unified Payments Interface (UPI) recorded 16.11 billion transactions in February 2025, reflecting a slight 5.2% decline from January’s 16.99 billion transactions, according to data released by NPCI. However, on a year-on-year (YoY) basis, UPI transactions surged 33% compared to February 2024. In terms of transaction value, UPI processed Rs 21.96 lakh crore in February, down 6.5% from Rs 23.48 lakh crore in January 2025. Despite the monthly dip, the transaction value witnessed 20% YoY growth. A seasonal dip in February, which has fewer days than January, is a common trend for UPI. The daily transaction average in February stood at 575 million, slightly higher than 548 million in January. The average daily transaction value also increased to Rs 78,446 crore in February from Rs 75,743 crore in January. While UPI transactions saw a slight pullback from the record figures in January, the YoY growth signals a steady upward trend. In January, PhonePe led the chart with 8.1 billion transactions, followed by Google Pay with 6.18 billion, while Paytm secured the third spot, processing 1.15 billion transactions. The monthly breakdown for February has yet to be released. NPCI Chief Dilip Asbe recently revealed that UPI has 450 million users, with 200 million active daily. He emphasized the need for RBI, the government, and financial institutions to support strategies aimed at onboarding 200-300 million more users. NPCI is also set to establish a 5,000-capacity research and development (R&D) center to accelerate innovation in payments technology and strengthen global collaborations.

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UPI volumes dip in February; average daily count rises to 728 Mn

EntrackrEntrackr · 1d ago
UPI volumes dip in February; average daily count rises to 728 Mn
Medial

News All Stories UPI volumes dip in February; average daily count rises to 728 Mn The sequential decline was mainly due to February having fewer days than January, while average daily transaction (count) activity remained steady. UPI recorded 20.39 billion transactions in February 2026, down from 21.70 billion transactions in January, according to data released by the National Payments Corporation of India (NPCI). Despite the month-on-month decline, transaction volumes increased 27% year-on-year. The sequential decline was mainly due to February having fewer days than January, while average daily transaction activity remained steady. In value terms, UPI transactions stood at Rs 26.84 lakh crore in February, compared with Rs 28.33 lakh crore in January. This represents a 5.3% sequential decline. On an annual basis, transaction value rose 22% YoY. The average daily transaction count in February stood at 728 million, higher than 700 million in January. The average daily transaction value increased to Rs 95,865 crore, from Rs 91,403 crore in the previous month. For comparison, UPI processed 21.63 billion transactions worth Rs 27.97 lakh crore in December 2025, making February weaker on both volume and value than the preceding two months. In January, PhonePe remained the leader in the UPI ecosystem with a 45.7% share of total volume and a 48.6% share by value among UPI apps. Google Pay held the second position, accounting for 33.3% of overall transaction volume and 33.8% of total value. Paytm ranked third with 1.66 billion transactions, translating into a 7.7% share by volume and a 6.4% share by value. The breakup data for February has yet to be released.

Paytm UPI payments drop further in March; PhonePe, Google Pay show gains

Economic TimesEconomic Times · 1y ago
Paytm UPI payments drop further in March; PhonePe, Google Pay show gains
Medial

Paytm, a leading digital payments company, experienced a slight decline in Unified Payments Interface (UPI) transactions in March. While Paytm processed around 1.2 billion UPI transactions, down from 1.3 billion in February and 1.4 billion in January, its competitors PhonePe and Google Pay saw an increase in transaction volumes. Google Pay processed 5 billion transactions in March, while PhonePe processed 6.5 billion transactions. Paytm has been steadily losing market share on UPI and has shifted its UPI payments to four large banks. Overall, UPI payments rose to 13.4 billion in March. NPCI is closely monitoring the market share dynamics as there is a regulatory mandate to restrict any single payment application from exceeding 30% market share on UPI.

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