New Delhi, March 1 (IANS). The number of United Payments Interface (UPI) transactions increased by 27 percent year-on-year to 20.39 billion in February. During this period, the value of UPI transactions has increased by 22 percent on an annual basis to Rs 26.84 lakh crore. This information was given in the data released by National Payments Corporation of India (NPCI).
According to NPCI data, an average transaction of Rs 95,865 crore took place in February and in January this figure was Rs 91,403 crore.
There were an average of 728 million transactions per day in February, this figure was 700 million in January.
In January, the number of UPI transactions increased by 28 percent compared to the previous year and reached 21.70 billion. Along with this, an annual growth of 21 percent was also recorded in the value of transactions and reached Rs 28.33 lakh crore.
On the other hand, the monthly IMPS volume in February stood at 336 million, an increase of 14 percent compared to the previous year and reached Rs 6.42 lakh crore. An average of 12 million transactions were recorded daily.
According to the data, FASTag’s monthly transactions stood at 350 million, valued at Rs 6,925 crore, showing an annual growth of 5 percent.
UPI is now active in more than eight countries including the United Arab Emirates (UAI), Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, making India a global leader in digital payments. The growing international reach of UPI is increasing remittances, promoting financial inclusion and strengthening India’s position in global fintech.
India and Israel last week announced to further deepen their digital and financial partnership by enabling cross-border use of UPI. In the process, UPI will connect to Israel’s domestic payments infrastructure to make digital transactions faster and more affordable.
According to an independent study conducted by the Finance Ministry of India, UPI has emerged as the most preferred mode of payment, accounting for 57 percent of total payment transactions in India, and has overtaken cash transactions (38 percent), mainly due to its ease of use and its ability to enable instant money transfers.
–IANS
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