Unified Payments Interface (UPI) transactions reached unprecedented levels in March 2026, with total value touching ₹29.53 lakh crore, representing a significant 19% increase from ₹26.84 lakh crore recorded in February, according to data released by the National Payments Corporation of India (NPCI). The platform processed 22.64 billion transactions during March, marking a substantial 24% increase from 20.39 billion transactions a year ago and surpassing the previous high of 21.70 billion transactions seen in January. This represents the highest-ever monthly transaction volume since UPI's launch in 2016, demonstrating consistent growth momentum in digital payments. The Department of Financial Services (DFS) acknowledged this milestone, stating on Wednesday that UPI achieved 22.64 billion transaction count in March'26, thanking India for embracing digital payments and driving this revolution forward.
The platform processed 22.64 billion transactions during March, marking a substantial 24% increase from 18.3 billion transactions a year ago, as reported by NPCI. Average daily transactions stood at 730 million, with an average daily value of ₹95,243 crore, as spending picked up during festivals such as Holi and Eid. The volume was 20.39 billion in February, indicating strong seasonal demand patterns in digital payments. Among UPI apps, PhonePe continued to dominate the market with a 45.5% share by transaction volume in February, followed by Google Pay with around 33% share, while Paytm held the third position with a share of about 7 to 8%. The DFS noted that the average daily transaction count in March stood at 730 million, compared to 728 million in February, while the average daily transaction value remained at ₹95,243 crore.
UPI now accounts for around 85% of all digital transactions in India and contributes nearly 50% of global real-time digital payments, according to industry reports. The platform is operational in over eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, with its entry into France marking its first expansion into Europe. An independent study commissioned by India's Finance Ministry reveals that UPI has emerged as the most preferred mode of payment, accounting for 57% of total payment transactions in India, surpassing cash transactions at 38%, primarily due to ease of use and instant fund transfer capability. NPCI, an initiative of the Reserve Bank of India and the Indian Banks' Association, operates UPI, enabling real-time peer-to-peer and merchant payments across the country.
Anand Kumar Bajaj, MD & CEO of PayNearby, noted that the sustained growth in the digital payment ecosystem in India is an affirmation of the penetration of real-time payment systems in daily life. As reported by The Times of India, he emphasized that UPI processed 22.64 billion transactions worth ₹29.53 lakh crore in March 2026, marking its emergence as one of the trusted payment systems in the country. The DFS encouraged users to continue supporting the growth of digital payments in the country, stating "Let's continue the journey of transforming the way we transact!" The platform's continued expansion across multiple international markets reflects its growing global adoption and technological leadership in real-time digital payments, with UPI's growing international adoption boosting remittances, promoting financial inclusion, and strengthening India's position in the global fintech landscape.
