The Unified Payments Interface (UPI) in India has achieved a new milestone in March, showcasing the increasing adoption of digital payments in the country. Data released by the National Payments Corporation of India (NPCI) indicates a significant surge in both the volume and value of UPI transactions during the month, primarily attributed to year-end financial activities.
In March, UPI recorded an impressive 19.78 billion transactions, amounting to a total value of ₹24,77,000 crore (US$ 289.26 billion). This represents a substantial 14% increase in transaction volume and a 13% rise in value compared to the figures from February. The surge is largely due to the culmination of financial year-end activities, which typically see increased transaction volumes.
Looking at the broader picture of Fiscal Year 2025, UPI transactions demonstrated remarkable growth. The total value of UPI transactions surged by 30% to reach ₹2,60,56,000 crore (US$ 3.04 trillion), a significant jump from the ₹1,99,96,000 crore (US$ 2.33 trillion) recorded in FY24. Similarly, the volume of transactions rose by 42%, increasing from 131.14 billion in FY24 to 185.85 billion in FY25.
The Immediate Payment Service (IMPS) also experienced growth in March, with transactions increasing by 14% to 462 million, and the value of these transactions growing by 19% to ₹6.68 trillion. In contrast, FASTag transactions saw a slight dip in volume by 1.3% to 379 million, although the value increased by 3% to ₹6,800 crore (US$ 794.11 million). The Aadhaar Enabled Payment System showed strong growth, with transaction volume rising by 20% to 113 million and value increasing by 25% to ₹30,539 crore (US$ 5.37 billion).
Industry experts view the consistent growth across various digital payment platforms as a positive indicator of increasing consumer trust in these solutions. This trend also points towards deeper financial inclusion across the country as more people adopt digital methods for their financial transactions.
The record-breaking UPI transactions in March, coupled with the strong overall growth in digital payments during FY25, highlight the rapid adoption and increasing reliance on digital financial solutions in India. This trend signifies a growing trust in the digital ecosystem and bodes well for further financial inclusion in the country.
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Published on: Apr 3, 2025, 6:03 PM IST
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