India’s digital payments ecosystem experienced significant growth in May, as per data from the National Payments Corporation of India (NPCI). The Unified Payments Interface (UPI) transactions rose by 24% year-on-year to 23.20 billion, nearing the Rs 30 lakh crore mark. The transaction value for UPI stood at Rs 29.90 lakh crore during the month, marking a 19% increase from the previous year.
On a daily average, UPI processed approximately 748 million transactions in May, with a daily transaction value of about Rs 96,465 crore. Compared to April, UPI transaction volumes saw a 3.8% increase, while transaction value rose by nearly 3% month-on-month. Additionally, Immediate Payment Service (IMPS) transactions totaled 358 million, and Aadhaar-Enabled Payment System (AePS) transactions reached 88 million in May.
In April, digital payment transactions in India grew by 25% year-on-year to 22.35 billion, with transactions worth Rs 29.03 lakh crore. The average daily transactions surged to 745 million in April from 730 million in March. Notably, UPI has expanded its reach to more than eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, and Qatar, solidifying India’s position as a global digital payments leader.
India’s digital payments platform has witnessed remarkable growth, with a 12,000-fold increase in transaction volume over the past decade. Starting from 2 crore transactions in FY2016-17, the platform processed over 24,162 crore transactions in FY2025-26. UPI, managed by NPCI, has become India’s primary real-time payment system, facilitating instant money transfers across banks via mobile platforms.
