India's Unified Payments Interface (UPI) has achieved a new milestone with record transaction volumes, solidifying its position as a leading digital payment system and expanding its global footprint.
Key Points
- UPI transactions in India hit a record 22.64 billion in March, showcasing the rapid adoption of digital payments.
- The volume of UPI transactions increased by 24% compared to the previous year, highlighting significant growth in usage.
- UPI now accounts for 85% of all digital transactions in India, demonstrating its dominance in the payment landscape.
- UPI is live in eight countries, including France, marking its expansion into Europe and facilitating seamless international payments.
- UPI combines ease of use with strong security measures, including two-factor authentication, ensuring safe and reliable transactions.
Transaction through the Unified Payments Interface (UPI) touched a record high of 22.64 billion in volume terms in March.
"UPI achieves 22.64 Bn transaction count in March'26! Thank you, India, for embracing digital payments and driving this revolution forward. Let's continue the journey of transforming the way we transact!," Department of Financial Services said in a post on X.
In volume terms, 22.64 billion transactions were carried during the month as compared to 18.3 billion a year ago, posting a growth of 24 per cent.
The UPI transaction in volume terms was 20.39 billion recorded in February.
UPI Security and Usage
UPI combines the ease of use with strong security while following the RBI's two-factor authentication rule. This first factor is the mobile number linked to the user's bank and the second is the UPI PIN, making transactions quick and safe from unauthorised access.
Today, UPI accounts for 85 per cent of all digital transactions in India. Its impact goes beyond national borders, powering nearly 50 per cent of global real-time digital payments.
Global Expansion of UPI
UPI is already live in eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar. Its entry in France is a milestone because it is UPI's first step in Europe. This allows Indians travelling or living there to pay seamlessly without the usual hassles of foreign transactions.
About NPCI
NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association, is an umbrella organisation for operating retail payments and settlement systems in India (IBA).
It runs the UPI used for real-time payments between peers or at merchants' end while making purchases.
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