UPI Transactions Jump 11% MoM To 22.64 Bn In March

After a slight decline in growth in the month of February, UPI adoption in India regained momentum in the month of March. UPI transactions surged 11% MoM in March to 22.64 Bn from 20.39 Bn in February, as per NPCI data.

The value of UPI transactions stood at ₹29.53 Lakh Cr during the month, marking a 10% increase from ₹26.84 Lakh Cr in February.

On a daily basis, transaction volumes remained broadly stable at 730 Mn in March compared to 728 Mn in the previous month. Meanwhile, the average daily transaction value saw a marginal dip to ₹95,243 Cr from ₹95,865 Cr in February.

Despite the February slowdown, market leaders continued to hold their ground last month. PhonePe retained the top spot with 928.3 Cr transactions, even as volumes declined over 6% MoM, while Google Pay processed 676.7 Cr transactions, maintaining its second position with a stable 34% market share. 

Paytm remained the third-largest player with 159.9 Cr transactions, even as volumes dipped sequentially.

Among smaller players, Navi and super.money held their positions, while BHIM continued to gain share with 17.5 Cr transactions, further cementing its lead over apps such as CRED and FamApp.

UPI continues to see strong adoption across India, with transaction volumes consistently hitting high levels over the past year, driven by increasing digital payments usage across both urban and rural markets.

For the full financial year FY26, UPI processed about 241.6 Bn transactions, with a total value of roughly ₹314.2 Lakh Cr, marking another strong year for the adoption of digital transactions in the country. 

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