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Key Points

UPI transactions soared to a record Rs 24.77 lakh crore in March, marking a 13.5% monthly growth in volume. Daily transactions averaged Rs 79,910 crore, reflecting India's accelerating digital payments adoption. NPCI attributed temporary transaction declines to financial year-end processing. New UPI guidelines now require users to maintain active mobile numbers for seamless transactions.

Key Points: UPI Hits Record Rs 24.77 Lakh Crore Transactions in March

  • UPI transactions hit Rs 24.77 lakh crore in March
  • Daily average transactions at Rs 79,910 crore
  • 25% YoY surge in transaction value
  • New UPI guidelines mandate active mobile numbers
2 min read

UPI transaction volume up 13.5 pc in March, value at record Rs 24.77 lakh crore

UPI transactions surged 13.5% in volume and 12.8% in value in March, reaching a record Rs 24.77 lakh crore, as per NPCI data.

"Today, due to the financial year closing, some banks are facing intermittent transaction declines. UPI system is working fine. – NPCI"

New Delhi, April 1

The Unified Payments Interface (UPI) saw a 13.59 per cent increase (on-month) in transaction volume at 18.3 billion in the month of March, from 16.11 billion in February, the National Payments Corporation of India (NPCI) data showed on Tuesday.

The month of March saw a record Rs 24.77 lakh crore worth UPI-based transactions, up 12.79 per cent from Rs 21.96 lakh crore in February.

On a daily basis, the UPI network recorded more than 590 million average transactions at Rs 79,910 crore daily transaction count, according to the NPCI data.

On a year-on-year basis, the record-breaking UPI transactions of Rs 24.77 lakh crore in March marked a 25 per cent surge in value and an impressive 36 per cent growth in volume, demonstrating the unstoppable momentum of India's digital payments revolution.

With daily transactions averaging Rs 79,910 crore, up 1.9 per cent from February, and volumes rising 2.6 per cent, these numbers underscore the rapid adoption and trust in digital financial solutions.

Meanwhile, as digital payment users on Tuesday faced issues in processing transactions on UPI, the NPCI attributed the reason to the closing of the financial year 2024-25 (FY25).

"Today, due to the financial year closing, some of the banks are facing intermittent transaction declines. UPI system is working fine, and we are working with the concerned banks for necessary redressal," the NPCI said in a statement.

From April 1, it will be mandatory for UPI member banks, UPI apps, and third-party providers to follow these new guidelines.

According to the new norms, the UPI ID linked to the inactive mobile number will become inactive. That is, if the mobile number registered with the bank of a UPI user is inactive for a long time, then the UPI ID of the user will also be unlinked, and the person will not be able to use the UPI service.

In such a situation, every person using the UPI service will need to ensure that the mobile number registered with his bank is active.

Under the new guidelines, the user's bank-verified mobile number will act as the user's UPI identifier. On the other hand, banks and UPI applications will also need to update their mobile number records every week so that mistakes caused by recycled or modified numbers can be avoided.

- IANS

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Reader Comments

R
Rahul K.
Wow, these numbers are insane! ₹24.77 lakh crore in just one month shows how much India has embraced digital payments. UPI has truly changed how we handle money 💸
P
Priya M.
The growth is impressive but I'm concerned about the transaction declines during financial year closing. NPCI should ensure better system stability during peak periods.
S
Sanjay T.
UPI has made life so much easier! From street vendors to big stores, everyone accepts it now. The 36% volume growth YoY says it all 👍
A
Anjali R.
The new guidelines about inactive mobile numbers make sense for security, but I hope they implement it carefully. Many elderly users might not be aware of these changes.
V
Vikram P.
₹79,910 crore daily average?! That's more than some countries' GDP! India's digital payment revolution is truly world-class 🇮🇳
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Neha S.
While the numbers are great, I wish they'd focus more on rural adoption. Many small towns still prefer cash due to connectivity issues.

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