UPI Transactions Surge 27 Pc to 20.39 Billion
- NPCI data shows rise in UPI transaction count and amount
- UPI expands globally, leads India digital payments
Hyderabad: UPI transactions surged 27 per cent year on year to 20.39 billion in February, according to National Payments Corporation of India data released on Sunday. The Unified Payments Interface also recorded 22 per cent annual growth in transaction amount at Rs 26.84 lakh crore.
The NPCI data showed that average daily transaction amount in February stood at Rs 95,865 crore. This was higher than Rs 91,403 crore recorded in January. Meanwhile, February recorded 728 million average daily transaction counts, up from 700 million in January. Therefore, the growth trend continued month on month.
In January, UPI had seen 28 per cent transaction count growth year on year at 21.70 billion. It also registered 21 per cent annual growth in transaction amount at Rs 28.33 lakh crore. However, February saw a slightly lower transaction count compared to January, even as annual growth remained strong.
Meanwhile, IMPS monthly volumes stood at 336 million in February. It recorded 14 per cent year on year growth at Rs 6.42 lakh crore, with 12 million average daily transaction count. FASTag monthly volumes stood at 350 million at Rs 6,925 crore, marking a 5 per cent annual growth, the data showed.
UPI transactions are now live in over eight countries. These include the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar. This global presence positions India as a leader in digital payments. UPI’s international adoption is boosting remittances and promoting financial inclusion.
India and Israel also announced last week that they will deepen their digital and financial partnership. They plan to enable cross border use of Unified Payments Interface. UPI will connect with Israel’s domestic payments framework to make digital transactions faster and more affordable.
According to an independent study commissioned by India’s Finance Ministry, UPI has emerged as the most preferred mode of payment. It accounts for 57 per cent of total payment transactions in India. Cash transactions stand at 38 per cent. The study cited ease of use and instant fund transfer capability as key reasons for this shift.
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