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UPI Shatters Records with 22.64 Billion Transactions in March 2026

India's Unified Payments Interface achieved a historic milestone in March 2026, processing 22.64 billion transactions. This marked a significant recovery from February's figures and set a new monthly record. In value terms, transactions reached Rs 29.53 lakh crore, showing strong year-on-year growth. UPI's dominance is now global, operating in eight countries and being the preferred payment method for over half of India's transactions.

Key Points: UPI Hits Record 22.64B Transactions in March: NPCI Data

  • Record 22.64B transactions in March
  • Value hits Rs 29.53 lakh crore
  • PhonePe leads with 45.5% market share
  • Now live in over eight countries
  • Preferred payment mode for 57% of transactions
2 min read

UPI hits record 22.64 billion transactions in March: NPCI data

UPI processed a record 22.64 billion transactions worth Rs 29.53 lakh crore in March 2026, cementing its dominance in India's digital payments.

"UPI has emerged as the most preferred mode of payment, accounting for 57 per cent of total payment transactions in India - Finance Ministry Study"

New Delhi, April 1

India's digital payments ecosystem saw a strong comeback in March 2026, with the Unified Payments Interface registering its highest-ever monthly transaction volume since its launch in 2016, according to data released by the National Payments Corporation of India on Wednesday.

UPI processed 22.64 billion transactions in March, marking a sharp rise from 20.39 billion transactions recorded in February. The March figure also surpassed the previous high of 21.70 billion transactions seen in January. On a year-on-year basis, transaction volumes grew by 24 per cent.

In terms of value, UPI transactions reached Rs 29.53 lakh crore in March, up from Rs 26.84 lakh crore in February. In January, the total transaction value stood at Rs 28.33 lakh crore.

The value of transactions grew 19 per cent year-on-year in March, slightly lower than the 22 per cent growth recorded in February.

On a daily basis, the average number of transactions saw a marginal increase to 730 million in March, compared to 728 million in February.

However, the average daily transaction value dipped slightly to Rs 95,243 crore from Rs 95,865 crore in the previous month.

Among UPI apps, PhonePe continued to dominate the market with a 45.5 per cent share by transaction volume in February. Google Pay held the second position with around 33 per cent share, while Paytm followed with a share of about 7 to 8 per cent.

UPI is now live in over eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, positioning India as a global leader in digital payments. UPI's growing international adoption is boosting remittances, promoting financial inclusion, and strengthening India's position in the global fintech landscape.

According to an independent study commissioned by India's Finance Ministry, UPI has emerged as the most preferred mode of payment, accounting for 57 per cent of total payment transactions in India, surpassing cash transactions at 38 per cent, primarily due to ease of use and instant fund transfer capability.

- IANS

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Reader Comments

R
Rohit P
While the growth is impressive, the slight dip in average daily transaction value is a bit concerning. Hope it's not a sign of people tightening their belts. Also, the dominance of just 2-3 apps (PhonePe & Google Pay) is something NPCI should look at to ensure healthy competition.
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Aman W
My parents in our hometown now use UPI for everything. They never had a bank account until a few years ago. This is real financial inclusion. The fact that it's being adopted in 8 countries is just the icing on the cake. Jai Hind!
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Sarah B
As someone who moved to India for work, I'm constantly amazed by UPI. It's so much more seamless than payment systems back home. Sending money to friends for chai or splitting a dinner bill is effortless. A world-class system built here.
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Karthik V
57% of payments via UPI, surpassing cash! This is a silent revolution. Remember the days of "chutta nahi hai"? Almost gone. But we must ensure cybersecurity keeps pace with this growth. A single major breach could shake public trust.
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Nisha Z
Great to see the numbers, but what about the small merchants? The transaction fees, though low, add up for them. Also, in remote areas, network issues still make cash king. The journey to a completely cashless society still has some distance to cover.

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