March saw a significant surge in Unified Payments Interface (UPI) transactions, reaching an all-time high of 19.78 billion, with a total transaction value of $289.26 billion. This represents a 14% jump in volume and a 13% rise in value compared to February, largely driven by increased financial activity at the fiscal year-end, according to the National Payments Corporation of India (NPCI).
For the fiscal year 2025, UPI payments experienced a remarkable 30% increase in total value, climbing to $3.04 trillion from $2.33 trillion in FY24. The volume of transactions also saw a sharp rise of 42%, reaching 185.85 billion, up from 131.14 billion the previous year.
On a daily basis, March averaged 590 million UPI transactions, up from 575 million in February. Immediate Payment Service (IMPS) transactions also expanded significantly, recording a 14% increase to 462 million, with their total value surging 19% to $6.68 trillion. In contrast, FASTag transactions dipped slightly by 1.3% to 379 million, although their total value edged up 3% to $794.11 million. Meanwhile, Aadhaar Enabled Payment System (AePS) transactions saw robust growth, with volume rising 20% to 113 million and transaction value increasing by 25% to $5.37 billion.
Industry analysts attribute this steady rise in digital transactions to growing consumer confidence in digital payments and the deepening reach of financial inclusion across the country. The continued adoption of fintech solutions reflects a shift towards seamless, secure, and convenient financial transactions, further strengthening India’s digital economy.
