UPI transaction value hits record high of ₹24.77 lakh crore in March: NPCI

India’s home-grown payments technology, Unified Payments Interface (UPI) set a new record in March, registering a total of 18.30 billion transactions amounting to ₹24.77 lakh crore, data shared by the National Payments Corporation of India (NPCI) showed.

On a year-on-year (y-o-y) basis, UPI transaction volumes were up 36 per cent, while transaction value was up 25 per cent. On an average, a total of 590 million average daily UPI transactions, and ₹79,910 crore average daily UPI transactions took place in March.

In February, 16.11 billion transactions amounting to ₹21.96 lakh crore were registered using UPI.

Powerful innovation

“As UPI expands globally and integrates with credit, insurance, and investment platforms, its collaborative development model between regulators, financial institutions, and technology companies sets a powerful example of innovation that respects user choice while driving national progress,” said Deepak Verma, MD and CEO, Findi.

While UPI transactions rose, IMPS monthly volumes fell by 20 per cent y-o-y to 462 million in March. IMPS transaction value, however, was up 5 per cent y-o-y at ₹6.68 lakh crore in March.

Separately, the NPCI on Tuesday said that due to financial year closing, some of the banks were facing intermittent transaction declines and that the UPI system is working fine. “We are working with the concerned banks for necessary redressal,” the NPCI said.