Unified Payments Interface (UPI) continues its explosive growth, clocking 20.39 billion transactions in February—a 27 percent YoY leap—with values swelling 22 percent to Rs 26.84 lakh crore, fresh NPCI data shows. This performance builds on January’s strong showing of 21.70 billion transactions (up 28 percent) and Rs 28.33 lakh crore (up 21 percent).
Operational highlights include 728 million average daily transactions (vs. 700 million in January) and Rs 95,865 crore daily value (vs. Rs 91,403 crore). IMPS added 336 million transactions valued at Rs 6.42 lakh crore (14 percent growth, 12 million daily), while FASTag hit 350 million for Rs 6,925 crore (5 percent up).
Globally, UPI operates in over eight countries—UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, Qatar—enhancing remittances and financial access. India-Israel’s new UPI linkage promises cost-effective international transfers.
A ministry study confirms UPI’s lead: 57 percent of payments vs. cash’s 38 percent, driven by effortless instant transfers.
UPI’s ascent is redefining finance in India and influencing the world, pointing to a future of ubiquitous digital payments.