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UPI Hits Record High In March


UPI topped Rs 24 trillion in value of transactions and Rs 19 billion in volume for the first time after becoming operational in April 2016.

Kindly note the image has been posted only for representational purposes. Photograph: ANI Photo and Kind courtesy SerenityArt/Pixabay.com

 

The Unified Payments Interface (UPI) system in March clocked 19.78 billion transactions worth Rs 24.77 trillion, marking a record growth in value and volume for the digital payments system.

Value increased 13 per cent and volume 14 per cent in volume from February due to financial year-end transactions, according to data provided by the National Payments Corporation of India, which manages UPI.

UPI topped Rs 24 trillion in value of transactions and 19 billion in volume for the first time after becoming operational in April 2016. In FY25, the value of transactions increased 30 per cent to Rs 260.56 trillion compared to Rs 199.96 trillion FY24.

Volume increased 42 per cent to 185.85 billion transactions from 131.14 billion in FY24.

UPI transactions in March grew after a 5 per cent month-on-month dip to 16.11 billion in February compared to 16.99 billion in January.

Value declined 6.5 per cent to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January.

The number of transactions and their value increased 36 per cent rise and 25 per cent, respectively, in March 2025 compared to the same month the year before.

There were 590 million daily UPI transactions in March 2025, up from 575 million in February.

“These numbers underscore the rapid adoption and trust in digital financial solutions. This sustained growth signals deeper financial inclusion, enhanced consumer confidence, and a thriving digital economy,” said Dilip Modi, founder and CEO, Spice Money, a fintech company.

Transactions at Immediate Payment Service (IMPS), which allows instant interbank money transfers through mobile phones, were up 14 per cent to 462 million in March compared to 405 million in February.

In value terms, transactions grew 19 per cent to Rs 6.68 trillion compared to Rs 5.63 trillion in February.

Daily IMPS transactions in March stood at 14.89 million, up from 14.46 million in February.

That translated to a value of Rs 21,542 crore in March and Rs 20,110 crore in February.

In March this year, the number of transactions fell 20 per cent and their value grew 5 per cent from the same month last year.

FASTag transactions dipped 1.3 per cent to 379 million in March compared to 384 million in February.

Value increased by 3 per cent to Rs 6,800 crore compared to Rs 6,601 crore in February.

Aadhaar Enabled Payment System transactions increased by 20 per cent to 113 million, as against 94 million in February.

In value terms, it was up 25 percent to Rs 30,539 crore in March versus Rs 24,410 crore in February.

 

UPI Down Amid Year-End Bank Rush: NPCI

Ajinkya Kawale, Business Standard

Digital payment users on Tuesday encountered issues in processing transactions on India’s real-time payments system, Unified Payments Interface (UPI), with the National Payments Corporation of India (NPCI) attributing technical declines to financial year closing at the bank-end.

The financial year 2025 (FY25) ended on March 31, with the new financial year starting April 1.

‘Today, due to the financial year closing, some of the banks are facing intermittent transaction declines,’ the NPCI said in a statement.

‘UPI system is working fine, and we are working with the concerned banks for necessary redressal,’ NPCI added.

NPCI runs the UPI network in the country.

Users are facing an outage while processing UPI transactions for the second time in less than a week.

The network faced an outage last week, leading to transaction failures on the digital payments network.

In March, UPI recorded an average daily transaction volume of 591 million.

The network recorded 550 million transactions on March 26 following an outage — a 7 per cent decline from the average daily transaction volume recorded in the same month.

Over 581 million transactions were recorded on the previous day.

UPI transactions reached record highs in both value and volume in March 2025, clocking Rs 24.77 trillion and 19.78 billion transactions, respectively.

This marked a rise of 13 per cent in value and 14 per cent in volume over February, driven by a surge in year-end transactions, according to data from the NPCI.

This is the first time UPI value has crossed Rs 24 trillion and transactions have surpassed 19 billion since the system became operational in April 2016.

For the financial year 2024–25 (FY25), UPI transactions rose 30 per cent in value to Rs 260.56 trillion, up from Rs 199.96 trillion in FY24.

Volume increased 42 per cent to 131.14 billion transactions compared with 92.48 billion in the previous year.

The March spike follows a decline in February, when transaction volume fell 5 per cent month-on-month to 16.11 billion from 16.99 billion in January, and value dropped 6.5 per cent to Rs 21.48 trillion from Rs 23.48 trillion in January.

On a year-on-year basis, the March 2025 numbers represent a 36 per cent rise in volume and a 25 per cent increase in value over March 2024.

Daily transactions rose to 590 million from 575 million in February.

Feature Presentation: Ashish Narsale/Rediff.com



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