India’s digital payments ecosystem witnessed a 25% year-on-year growth in April, with 22.35 billion transactions valued at Rs 29.03 lakh crore, as reported by the National Payments Corporation of India (NPCI). The average daily transactions increased to 745 million in April, up from 730 million in March. Additionally, the average daily transaction value rose to Rs 96,766 crore last month, compared to Rs 95,243 crore in the previous month.
The Immediate Payment Service (IMPS) recorded monthly volumes of 362 million transactions amounting to Rs 7.01 lakh crore, showing a 13% year-on-year growth. The average daily transactions for IMPS also saw a notable increase. In March, the Unified Payments Interface (UPI) achieved its highest-ever monthly transaction volume of 22.64 billion since its inception in 2016.
Moreover, UPI is now operational in over eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, positioning India as a global leader in digital payments. The platform’s international expansion is facilitating remittances, enhancing financial inclusion, and solidifying India’s presence in the global fintech sector.
India’s flagship digital payments platform has experienced a remarkable nearly 12,000-fold surge in transaction volume over the past decade, according to the Ministry of Finance. Launched in 2016 by the NPCI under the regulatory oversight of the Reserve Bank of India (RBI), UPI has become the backbone of India’s digital payments ecosystem.
From just 2 crore transactions in FY2016-17, UPI processed over 24,162 crore transactions in FY 2025-26, marking significant growth. In terms of value, UPI’s transaction value surged from Rs 0.07 lakh crore in its initial year to around Rs 314 lakh crore in FY 2025-26, showcasing a substantial increase.
This growth in both transaction volume and value underscores UPI’s expanding importance not only for small retail payments but also for higher-value transactions. Government assessments highlight UPI’s scale, interoperability, and reliability, positioning India as a global leader in digital public infrastructure.
The International Monetary Fund (IMF) has acknowledged UPI as the world’s largest real-time payment system by transaction volume, further solidifying India’s position in the global fintech landscape.
