UPI transactions surge 27 pc annually at 20.39 billion in Feb: NPCI data
India’s digital payments platform Unified Payments Interface recorded 27% annual growth in February transaction volumes, reaching 20.39 billion, as per National Payments Corporation of India data, strengthening its global expansion and dominance over cash transactions domestically
New Delhi: The unified payments interface (UPI) saw 27 per cent transaction count growth (year-on-year) 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 (NPCI) 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.
