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UPI transactions decline in February but remain strong YoY

EntrackrEntrackr ยท 1y ago
UPI transactions decline in February but remain strong YoY
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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 Januaryโ€™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.

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

EntrackrEntrackr ยท 16d ago
UPI volumes dip in February; average daily count rises to 728 Mn
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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.

PhonePe continues to rule UPI transactions with over 45% market share in Feb

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PhonePe continues to rule UPI transactions with over 45% market share in Feb
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PhonePe continues to rule UPI transactions with over 45% market share in Feb According to NPCI data, PhonePe processed 9.28 billion transactions worth Rs 13,10,392.95 crore. The Walmart-backed app held 45.5% share of total UPI transaction volume and 48.8% share by value during the month. PhonePe continued to dominate Indiaโ€™s UPI ecosystem among third-party apps in February, while Google Pay and Paytm retained the second and third positions, respectively. According to NPCI data, PhonePe processed 9.28 billion transactions worth Rs 13,10,392.95 crore. The Walmart-backed app held 45.5% share of total UPI transaction volume and 48.8% share by value during the month. Google Pay followed with 6.76 billion transactions worth Rs 9,03,051.60 crore. The platform accounted for 33.2% share by volume and 33.6% by value. Paytm secured the third position after recording 1.59 billion transactions worth Rs 1,74,128.86 crore, translating to 7.8% share in volume and 6.5% in value. The top three apps reported slightly lower transaction counts than January due to the shorter month. In January, PhonePe processed 9.91 billion transactions, Google Pay handled 7.23 billion, and Paytm recorded 1.66 billion transactions, when the UPI network logged 21.7 billion transactions overall. Among other fintech apps, Navi ranked fourth after processing 650.28 million transactions worth Rs 36,563 crore. Super.money followed with 289.32 million transactions worth Rs 12,314.08 crore. The government-backed BHIM app recorded 175.93 million transactions worth Rs 21,263.92 crore. FamApp by Trio processed 149.06 million transactions valued at Rs 1,898.62 crore. CRED stood at the eighth position after recording 145.98 million transactions. The platform reported a relatively higher transaction value of Rs 54,045.92 crore, reflecting higher ticket sizes. Among bank-owned platforms, Axis Bank Apps processed 132.11 million transactions worth Rs 12,157.93 crore, including customer-initiated and B2C payments. WhatsApp Pay rounded off the top ten after processing 112.89 million transactions worth Rs 8,557.08 crore. Overall, the UPI ecosystem processed 20,394.18 million transactions worth Rs 26,84,229.29 crore in February. The month recorded a marginal dip compared to January due to fewer days, although daily activity remained strong as the average daily transaction count rose to 728 million from 700 million in January.

UPI processes 20.47 Bn transactions in November

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UPI processes 20.47 Bn transactions in November
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UPI processes 20.47 Bn transactions in November This marks the third time since its launch that UPI has crossed 20 billion monthly transactions, the earlier instances being in October and August this year. Unified Payments Interface recorded 20.47 billion transactions in November 2025, slightly below the 20.70 billion transactions reported in October, according to fresh data from NPCI. Despite the marginal month-on-month decline, UPI transactions grew 32% year on year. In terms of value, UPI reported Rs 26.32 lakh crore in November compared to Rs 27.28 lakh crore in October. While the annual growth rate stood at 22%, the monthly dip points to a mild cool off after October which was driven by festival-related spending. Average daily transactions rose to 682 million, while the average daily transaction value stood at Rs 87,721 crore, slightly below October which reported Rs 87,993 crore. In October, PhonePe continued to dominate the ecosystem with 9.4 billion UPI transactions, well ahead of Google Pay and Paytm. NPCI has not yet released the UPI app-wise distribution for November. UPI, launched by NPCI in 2016, has expanded steadily beyond India through NPCI International to enable merchant payments and cross-border transactions. It is already live in countries such as Singapore, UAE, Bhutan, Nepal, France, Sri Lanka, and Mauritius, with more overseas partnerships currently under rollout. Recently, the Reserve Bank of India said that UPI will be interlinked with TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem.

UPI records marginal dip in June with 18.4 Bn transactions

EntrackrEntrackr ยท 8m ago
UPI records marginal dip in June with 18.4 Bn transactions
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UPI records marginal dip in June with 18.4 Bn transactions This reflects a month-on-month (MoM) dip of around 1.5% in volume and 4.4% in value. On a year-on-year (YoY) basis, UPI volumes in June grew 32%, while the transaction value rose 20%. After hitting an all-time high in May, Unified Payments Interface (UPI) transactions slightly declined in June 2025 in both volume and value. According to data released by the National Payments Corporation of India (NPCI), the platform processed 18.40 billion transactions worth Rs 24.04 lakh crore in June, compared to 18.68 billion transactions worth Rs 25.14 lakh crore in May. This reflects a month-on-month (MoM) dip of around 1.5% in volume and 4.4% in value. On a year-on-year (YoY) basis, UPI volumes in June grew 32%, while the transaction value rose 20%. The average daily transaction count stood at 613 million in June, slightly higher than 602 million in May, while the average daily transaction value was marginally lower at Rs 80,131 crore compared to Rs 81,106 crore in the previous month. The higher daily average in June is likely due to the fewer number of days in the month compared to May. As of May, PhonePe retained its lead with a 46.47% share of the total UPI volume, followed by Google Pay with a 36.09% market share. Paytm is the third-largest UPI player with a 6.84% share of the UPI volume. New entrants like Navi, Flipkartโ€™s super.money, and Fampay by Trio are also making notable contributions to the overall UPI volume. Besides India, UPI is currently live in Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. According to media reports, NPCI is also aiming to expand UPI to additional countries, including Qatar, Thailand, Malaysia, and other Southeast Asian nations, while the UK, Oman, and the Maldives have shown interest or are in the early stages of integration.

UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth

EntrackrEntrackr ยท 1y ago
UPI in June: PhonePe, Google Pay see marginal decline, Paytm records flat growth
Medial

Digital payments platforms PhonePe and Google Pay saw a marginal decline in their total volume and value processed through Unified Payments Interface (UPI) in June while the third largest player Paytm recorded a flat growth in the last month. Overall, UPI saw a marginal dip of 1% in total transaction volume to 13.9 billion in June from 14 billion in May. During the period, the transaction value also reduced by a thin margin to Rs 20.07 lakh crore from Rs 20.45 lakh crore. As per data disclosed by NPCI, PhonePe processed 6.7 billion transactions worth Rs 10.09 lakh crore in June while Google Pay and Paytmโ€™s transactions were recorded at 5.1 billion worth Rs 7.07 lakh crore and Rs 1.1 billion worth Rs 1.2 lakh crore respectively. Volume wise, PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share. In May, PhonePe processed Rs 10.33 lakh crore whereas Google Pay and Paytmโ€™s value of transactions were recorded at Rs 7.2 lakh crore and Rs 1.24 lakh crore, respectively. In terms of volume, the trio registered 6.8 billion, 5.2 billion and 1.14 billion transactions, respectively. Paytm, which is supported by partnerships with major banks like Axis Bank, HDFC Bank, State Bank of India (SBI), and YES Bank for UPI, has retained its market share for two consecutive months in the UPI ecosystem despite facing restrictions on onboarding new users. A bunch of new players such as CRED, NAVI, Groww, Slice and recently launched Flipkart UPI are also clocking decent volumes in UPI. According to the NPCI data, CRED has emerged as the fourth largest player in processing UPI payments. Interestingly, it has surpassed Amazon Pay, WhatsApp and BHIM and processed more than one third of Paytmโ€™s value of transactions in the last month. Recently, NPCI chief operating officer (COO) Praveena Rai said that UPI is adding up to 6 million new users every month. NPCI has also set an ambitious target of achieving 1 billion transactions per day in the coming years.

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