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UPI Transactions Hit 20.39 Billion in Feb, Show 27% Annual Surge

UPI transaction volume grew 27% year-on-year to 20.39 billion in February, with the total value reaching Rs 26.84 lakh crore. The system is now operational in over eight countries, including France and the UAE, enhancing India's global fintech leadership. A recent Finance Ministry study confirms UPI is now the most preferred payment method in India, surpassing cash. The platform's expansion continues with a new partnership announced to link UPI with Israel's domestic payments network.

Key Points: UPI Transactions Grow 27% to 20.39 Billion in February

  • 27% annual growth in UPI transaction count
  • Rs 26.84 lakh crore total transaction value
  • Live in over eight countries globally
  • Surpassed cash as most preferred payment mode
  • IMPS and FASTag also show growth
2 min read

UPI transactions surge 27 pc annually at 20.39 billion in Feb: NPCI data

NPCI data shows UPI transactions surged 27% annually to 20.39 billion in February, with the amount reaching Rs 26.84 lakh crore.

"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, March 1

The unified payments interface saw 27 per cent transaction count growth at 20.39 billion in the month of February - along with registering 22 per cent annual growth in transaction amount at Rs 26.84 lakh crore, the National Payments Corporation of India data showed on Sunday.

Average daily transaction amount in February stood at Rs 95,865 crore, up from Rs 91,403 crore in January, the NPCI data showed.

The month of February recorded 728 million average daily transaction counts, up from 700 million registered in January.

In January, the UPI had seen 28 per cent transaction count growth (year-on-year) at 21.70 billion - along with registering 21 per cent annual growth in transaction amount at Rs 28.33 lakh crore.

Meanwhile, IMPS monthly volumes stood at 336 million in February, with a 14 per cent YoY growth at Rs 6.42 lakh crore, and 12 million average daily transaction count.

FASTag monthly volumes stood at 350 million, at Rs 6,925 crore which is a 5 per cent annual growth, the data showed.

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.

India and Israel last week announced to deepen their digital and financial partnership by enabling cross-border use of Unified Payments Interface (UPI). In the process, 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, 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

S
Sarah B
As someone who moved to India recently, the UPI system is mind-blowing. It's so much faster and more integrated than anything back home. The daily transaction numbers are staggering!
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Vikram M
While the growth is impressive, I hope NPCI and banks are investing equally in cybersecurity. With such massive amounts flowing daily, even a small breach could be catastrophic. Safety first!
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Priya S
My parents in our hometown now use UPI for everything. It's amazing to see digital payments reaching every corner of India. The financial inclusion aspect is the real win here. 👏
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Rohit P
UPI in 8 countries! That's the part that excites me the most. Sending money to family abroad or paying when traveling is becoming so easy. India is setting the standard for digital payments.
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Nikhil C
The data shows cash is still 38% of transactions. We need to focus more on rural areas and older generations. The infrastructure is there, but adoption needs a final push.
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Kavya N
From standing in bank queues to tapping my phone for auto-rickshaw fare in seconds. What a journey! The average daily amount of nearly ₹96,000 crore is just unbelievable. Bharat is going digital!

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