April 7, 2025
India’s Unified Payments Interface (UPI) continues to set new monthly transaction records, but its explosive growth is beginning to moderate as the platform’s user base expands, according to data analyzed by ET.
The National Payments Corporation of India (NPCI), which operates UPI, reported a record 18.3 billion transactions in March 2025—a 36% increase from March 2024’s 13.44 billion. This growth rate is slower compared to the 54.7% rise seen between March 2023 and 2024, and the 60.6% jump recorded the previous year.
In terms of transaction value, UPI processed ₹24.77 lakh crore in March 2025, marking a 25.2% increase from ₹19.78 lakh crore a year earlier.
That’s a slowdown from the 40.3% growth seen between March 2023 and 2024, and the 46.8% jump the year before. With over 660 banks already active on the platform—primarily in urban centers—UPI’s next phase of growth faces tougher challenges. Expanding into rural areas will demand greater investments in infrastructure and innovation to drive digital payment adoption deeper into the country.
(source)