UPI value & volume surpass records in March

India’s digital payments ecosystem achieved a record high in March, with UPI transactions reaching INR24.77 lakh crore, as per data released by the NPCI on April 1. The data shows that value increased 13% and volume 14% from February due to financial year-end transactions. The transaction volume this March represents a crowning achievement for India’s homegrown financial innovation. 

Deepak Verma, MD and CEO, Findi, says the widespread adoption of UPI is building a foundation of trust in India’s digital economy. 

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“This extraordinary milestone showcases how a solution designed specifically for India’s unique needs has transformed the nation’s payment landscape. As millions of Indians increasingly rely on UPI for transactions ranging from daily essentials to significant purchases, this trust is fostering comfort with digital financial services more broadly. This growing confidence is critical as it creates pathways for previously excluded populations to access formal financial systems.

“To achieve true financial empowerment across India, we must continue building a comprehensive ecosystem that addresses diverse needs.” — Deepak Verma, MD and CEO, Findi

“To achieve true financial empowerment across India, we must continue building a comprehensive ecosystem that addresses diverse needs. The journey from Financial Inclusion to Financial Expansion requires that all citizens—particularly the underserved and underbanked—can access financial services through channels and payment methods that match their preferences and circumstances, especially for those for whom cash still remains the key medium of transaction. The ecosystem must balance innovation with inclusivity, allowing even those with limited digital literacy to participate in the growing Indian economy.

“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. India isn’t just participating in the digital payments revolution—it’s defining it through solutions built by Indians, for Indians, that now inspire the world.”

UPI surpassed INR24 T in value of transactions and 19 B in volume for the first time after it became operational in April 2016. In FY25, the value of transactions increased 30% to INR260.56 T in comparison to INR199.96 T in FY24. Spike in volume is 42% to 185.85 B transactions from 131.14 B in FY24.

Dilip Modi, Founder & CEO, Spice Money, says the current 25% surge in value and an impressive 36% growth in volume compared to last year, demonstrate the unstoppable momentum of India’s digital payments revolution.

“As UPI cements itself as the backbone of India’s payment ecosystem, businesses, fintech players, and policymakers must strategically leverage this expansion to drive innovation, enhance security, and scale financial services for the next wave of digital transformation.” — Dilip Modi, Founder & CEO, Spice Money

“With daily transactions averaging INR79,903 crore, up 1.9% from February, and volumes rising 2.6%, these numbers underscore the rapid adoption and trust in digital financial solutions. This sustained growth signals deeper financial inclusion, enhanced consumer confidence, and a thriving digital economy. As UPI cements itself as the backbone of India’s payment ecosystem, businesses, fintech players, and policymakers must strategically leverage this expansion to drive innovation, enhance security, and scale financial services for the next wave of digital transformation.

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“This exponential growth reflects the success of India’s financial inclusion policies and the collaborative efforts of the fintech ecosystem. As we celebrate this milestone, we remain steadfast in our mission to bridge the urban-rural financial divide, ensuring every Indian, from metros to villages, can actively participate in and benefit from the digital economy.”