India’s Unified Payments Interface (UPI) continued its strong growth trajectory in February, recording over 20.39 billion transactions, even as the shorter month led to a slight dip from January’s record levels. According to data released by the National Payments Corporation of India (NPCI), the total transaction value stood at ₹26.84 lakh crore, reflecting a 22% year-on-year rise.

Key Highlights

• UPI records over 20.39 billion transactions in February, with daily volumes hitting an all-time high.
• India’s digital payments surge as UPI daily transaction volumes reach record 728 million in February.

Despite the marginal monthly decline, average daily transaction volumes reached a new high of 728 million, underscoring the rapid adoption of digital payments across the country. Daily transaction value also climbed to ₹95,865 crore, highlighting the increasing intensity of UPI usage for routine payments, retail purchases, and merchant transactions.

The moderation in monthly figures was largely attributed to February having fewer days, while underlying demand remained robust. On an annual basis, transaction volumes surged 27%, demonstrating sustained momentum in India’s digital payment ecosystem.

Also Read: UPI in Jan: PhonePe Leads, CRED Slips, BHIM Gains Ground

UPI’s expanding footprint across consumer payments, small businesses, utilities, and recurring transactions has reinforced its position as the backbone of India’s cashless economy. Market leaders such as PhonePe and Google Pay continue to dominate transaction volumes, while ongoing innovations and cross-border linkages are expected to further strengthen the platform’s reach.

With consistent growth in both volume and value, UPI remains a critical driver of India’s fintech-led financial transformation.