UPI Transactions Hit Record Rs 24.77 Trillion in March 2025, Marking New High in FY25

Unified Payments Interface (UPI) transactions surged to a record high in March 2025, reaching Rs 24.77 trillion in value and 19.78 billion in volume. This represents a significant 13% increase in value and 14% rise in volume compared to February 2025. The remarkable growth was driven by a surge in year-end transactions, reflecting strong adoption of digital payments across India.

Record-Breaking UPI Growth in March 2025

March 2025 marked the first time in UPI history that transaction value crossed Rs 24 trillion, while volume surpassed 19 billion transactions. Since its launch in April 2016, UPI has become India’s preferred digital payment mode, and this new milestone reinforces its dominance in the digital economy.

UPI Performance for FY25

For the financial year 2024-25 (FY25), UPI transactions recorded remarkable growth:

• Total Transaction Value: Rs 260.56 trillion (+30% YoY)
• Total Transaction Volume: 131.14 billion (+42% YoY)

This significant growth indicates increasing reliance on UPI for peer-to-peer (P2P) and merchant transactions, further boosting India’s digital financial ecosystem.

Month-wise UPI Transaction Trends

UPI transactions showed fluctuations over the past few months, with a sharp rise in March 2025 following a dip in February:

The March spike followed a temporary slowdown in February, attributed to seasonal fluctuations. However, a strong recovery in March highlights growing consumer confidence in digital transactions.

Comparison with March 2024

Compared to March 2024, the UPI figures for March 2025 showed:

• 36% rise in transaction volume
• 25% increase in transaction value

This indicates continued expansion of digital payment adoption across businesses and consumers.

IMPS Transactions Also Witness Growth

In addition to UPI, Immediate Payment Service (IMPS) transactions saw a rise in March 2025:

• Transaction Volume: 462 million (+14% from February)
• Transaction Value: Rs 6.68 trillion (+19% from February)

The growth in IMPS transactions underscores India’s increasing dependence on real-time digital payments beyond UPI.

Key Drivers of UPI Growth

Several factors contributed to UPI’s surge in March 2025:

1. Increased Year-End Spending: Businesses and consumers ramped up transactions before the close of the financial year.
2. Expanding Merchant Acceptance: More small businesses and retailers adopted UPI for seamless payments.
3. Government Push for Digital Payments: Continued efforts to promote cashless transactions contributed to higher UPI adoption.
4. Enhanced UPI Infrastructure: Improved transaction speed and security boosted user confidence.
5. Rising Adoption of UPI AutoPay & Credit on UPI: New features encouraged higher usage among consumers.

Future Outlook for UPI in India

With UPI setting new records in March 2025 and FY25, experts predict:

• Further growth in transaction volumes, driven by increased merchant penetration and integration with global payment networks.
• Expansion of UPI in rural areas, bringing digital financial inclusion to underserved regions.
• Enhanced cross-border UPI transactions, allowing seamless international payments.
• AI-powered fraud detection, ensuring better security and reduced payment failures.

UPI continues to revolutionize India’s digital payments ecosystem, setting new benchmarks in transaction volumes and values.

Summary of UPI Performance (March & FY25)