UPI transactions see 23 pc rise at Rs 25.14 lakh crore in May

New Delhi, June 2 (IANS) The Unified Payments Interface (UPI) has posted a robust recover in the month of May by processing 18.68 billion transactions, up from 17.89 billion in April.

As per data by the National Payments Corporation of India (NPCI), the UPI transactions mark a 33 per cent year-on-year (YoY) surge compared to 14.03 billion transactions in the same month last year.

The UPI transactions rose to Rs 25.14 lakh crore (by value) last month, a 5 per cent increase from Rs 23.95 lakh crore in April. This reflects a 23 per cent rise from Rs 20.45 lakh crore in May last year.

The average daily transaction volume stood at 602 million, while the average daily transaction value reached Rs 81,106 crore.

The UPI has strengthened its dominance in India’s digital payments system with its share in the total transaction volume rising to 83.7 per cent in 2024-25 from 79.7 per cent in the previous financial year.

The RBI’s annual report shows that UPI facilitated 185.8 billion transactions during 2024-25, which represents a 41 per cent year-on-year increase. In value terms, UPI transactions rose to Rs 261 lakh crore from Rs 200 lakh crore in FY24.

"The success of UPI placed India in a leadership position with a share of 48.5 per cent in global real-time payments by volume,” the RBI said.

Total digital payments in the country, including transactions through payment systems, card networks, and prepaid payment instruments (PPIs), grew 35 per cent to 221.9 billion in FY25, from 164.4 billion transactions in FY24. In value terms, total digital payments surged 17.97 per cent to Rs 2,862 lakh crore.

The RBI also said it remains committed to extending UPI to 20 countries by 2028–29. Acceptance of Indian UPI apps via QR codes has already been enabled in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE, allowing Indian tourists, students, and business travellers to make merchant payments using their domestic UPI apps.

—IANS

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