In March, an average of 79,903 UPI payments were made daily, setting a record with transactions worth ₹24.77 lakh crore.
PI Transactions in March
According to data released by the National Payments Corporation of India (NPCI), transactions via the Unified Payments Interface (UPI) reached a record high of ₹24.77 lakh crore in March, marking a 12.7% increase compared to the previous month.
In February, UPI transactions amounted to ₹21.96 lakh crore.
NPCI stated that the transaction value in March stood at ₹24.77 lakh crore, up from ₹19.78 lakh crore in the same month last year.
Daily Transactions
Spice Money’s founder and CEO, Dilip Modi, stated that the record-breaking UPI transactions of ₹24.8 lakh crore in March 2025 reflect a 25% growth in value and an impressive 36% rise in volume compared to the previous year.
This signifies the rapid momentum of India’s digital payment revolution.
He further mentioned that the average daily transaction value was ₹79,903 crore, which is a 1.9% increase from February, while the transaction volume saw a 2.6% rise.
These figures indicate the growing adoption and trust in digital financial solutions.
NPCI’s Role
NPCI is an initiative by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA).
It serves as an umbrella organization overseeing retail payment and settlement systems in India.
NPCI operates the Unified Payments Interface (UPI), which facilitates real-time transactions between individuals and merchants.
Launched in 2016, UPI gained massive traction during the COVID-19 pandemic and has since become a widely accepted mode of payment.
Today, it has significantly reduced the need for cash transactions, especially in metro cities.
From tea stalls to jewelry shops, UPI scanners are now a common sight, enabling seamless digital payments.
Here’s a 30-line article on a related but broader topic:
The Rise of Digital Payments in India: A UPI-Led Revolution
India has witnessed an unprecedented shift toward digital payments in recent years, with UPI emerging as the backbone of this transformation.
The ease, speed, and security of transactions have made UPI the preferred choice for millions of users across the country.
UPI’s Record-Breaking Growth
According to the National Payments Corporation of India (NPCI), UPI transactions in March 2025 reached ₹24.77 lakh crore, reflecting a 12.7% growth from February.
This surge highlights the increasing adoption of digital payments across businesses, small vendors, and individual users.
Why UPI is Leading the Digital Revolution
1. Convenience – UPI enables instant payments without the need for cash or cards.
2. Security – Transactions are encrypted and require authentication, ensuring safety.
3. Interoperability – Users can link multiple bank accounts to a single UPI ID.
4. Low Cost – Unlike traditional banking services, UPI transactions are free or cost minimal.
Impact on Businesses and Consumers
From small roadside vendors to large retailers, UPI has transformed the way transactions take place.
Digital payments have reduced dependency on cash, minimized fraud risks, and improved financial transparency.
Additionally, consumers benefit from cashbacks, discounts, and seamless payments.
Challenges and Future Prospects
Despite its rapid growth, challenges remain, including cybersecurity threats, occasional transaction failures, and digital literacy barriers in rural areas.
However, with technological advancements and growing smartphone penetration, UPI is expected to drive India’s cashless economy further.
The rise of UPI signifies a major milestone in India’s journey toward a digital-first economy.
With government initiatives and increasing user trust, digital payments are set to redefine financial transactions, making them more inclusive and efficient.
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