UPI transactions touch a record high of Rs 24.77 lakh crore in March 2025

India’s UPI achieved a new milestone in March by surpassing Rs 24.77 lakh crore in transaction value and reaching record-high volumes, highlighting the surging popularity of digital payments across the country.

The data, shared by the National Payments Corporation of India (NPCI) and industry sources, shows an impressive jump from February and underscores how UPI continues to dominate India’s rapidly evolving payment ecosystem.

Record-breaking march for UPI

UPI transactions touched Rs 24.77 lakh crore in value during March, representing a sharp monthly uptick of more than 12%. Different reporting sources placed the transaction volume at between 18.3 billion and 19.78 billion, but all data confirm a major leap from February’s 16.11 billion transactions.

On a daily average, the UPI network processed more than 590 million transactions worth around Rs 79,910 crore, reflecting both the system’s capacity and users’ growing trust.

This surge in transactions marked the first time that UPI’s monthly value crossed Rs 24 lakh crore, while the volume climbed to unprecedented highs in the 19 billion range.

Compared to March last year, UPI logged a 25% increase in value and a 36% jump in volume, signaling consistent growth in digital adoption among both merchants and consumers.

FY25 sees strong growth

For the 2024-25 financial year, UPI’s total transaction value jumped to Rs 260.56 lakh crore, a 30% year-on-year rise. The volume for FY25 reached 131.14 billion, up 42% from the previous year.

The strong annual performance was fueled by widespread merchant acceptance, government-driven promotion of cashless payments, and a steady shift toward digital transactions among everyday users.

Despite a dip in February, when transaction value and volume softened slightly, March rebounded sharply—likely due to end-of-fiscal-year spending by both individuals and businesses.

IMPS also on the rise

Other real-time digital payment platforms witnessed growth as well. March IMPS transactions reached 462 million, up 14% from February, with their combined value touching Rs 6.68 trillion, up 19% from the previous month. This increase reflects India’s broader reliance on quick, reliable online payment methods.

As India closed the financial year on March 31, some banks experienced intermittent declines in the UPI network. NPCI attributed this to the higher workload associated with year-end processes.

Starting April 1, new UPI norms require that the mobile number linked to a user’s bank account remains active. If it goes dormant, the user’s UPI ID will be unlinked, preventing further transactions until the number is reactivated and verified.