India’s digital payments ecosystem continued its strong momentum in January as transactions conducted through the Unified Payments Interface (UPI) touched a fresh all-time high. According to data released by the National Payments Corporation of India (NPCI), the total value of UPI transactions during the month stood at ₹28.33 lakh crore, marking the highest monthly figure recorded so far. Transaction volumes also surged, with users carrying out 21.70 billion transactions, underscoring the deepening adoption of UPI across the country.

Key Highlights

• UPI transactions reached an all-time high of ₹28.33 lakh crore in January, with volumes touching 21.7 billion, according to NPCI data.
• The surge highlights continued growth in digital payments and deeper adoption across consumers and businesses.

The January performance represents a steady rise from December, when UPI transactions were valued at ₹27.97 lakh crore. On a month-on-month basis, the growth highlights the increasing reliance on digital payment platforms for both retail and high-frequency transactions. The data also shows that average daily UPI transactions crossed 700 million, while the average daily transaction value was estimated at around ₹91,400 crore, reflecting the scale at which the platform now operates.

Industry experts attribute this sustained growth to the widespread acceptance of UPI among consumers, merchants, and businesses, driven by ease of use, real-time settlement, and interoperability across banks and apps. The expansion of UPI into new use cases, including credit-linked payments, recurring mandates, and cross-border transactions, has further strengthened its position as the backbone of India’s digital payments infrastructure.

Also Read: UPI-Led Digital Payments Touch Yearly Peak in December

The record-breaking numbers come even as the government reviews incentive structures for digital payments, indicating that UPI has reached a level of maturity where organic growth continues to remain robust. Analysts believe the platform’s consistent performance highlights the resilience of India’s fintech ecosystem and its growing role in supporting formalization and financial inclusion across the economy.