UPI Records 16.11 Billion Transactions in February 2025

Unified Payments Interface (UPI) transactions achieved a total of 16.11 billion in February 2025, indicating a minor decline of 5.2% from January’s 16.99 billion transactions, as per the data released by NPCI. Nevertheless, compared to February 2024, UPI transactions exhibited an impressive 33% increase on a year-on-year (YoY) basis.

Transaction Value Overview

In terms of transaction value, UPI processed Rs 21.96 lakh crore in February, which is a 6.5% drop from Rs 23.48 lakh crore in January 2025. Despite the month-on-month decrease, the value of transactions experienced a 20% YoY growth.

February Trends in UPI Transactions

A seasonal decrease in February, which consists of fewer days compared to January, is typically observed within UPI trends. The average daily transaction for February reached 575 million, slightly surpassing the 548 million recorded in January. Additionally, the average daily transaction value rose to Rs 78,446 crore in February from Rs 75,743 crore in the previous month.

Market Leaders in UPI Transactions

Although UPI transactions experienced a small decrease from January’s remarkable figures, the year-on-year growth suggests a robust upward trajectory. PhonePe was the front-runner in January, with 8.1 billion transactions logged, followed by Google Pay recording 6.18 billion, while Paytm secured third place with 1.15 billion transactions. Data for February’s monthly breakdown is still pending release.

UPI User Base and Future Plans

NPCI Chief Dilip Asbe has disclosed that UPI currently has 450 million users, with 200 million of those being active daily. He highlighted the importance of collaboration between the RBI, the government, and financial institutions to implement initiatives aimed at onboarding an additional 200-300 million users.

Furthermore, NPCI plans to set up a research and development (R&D) centre with a capacity for 5,000 individuals to boost innovation in payment technologies and reinforce global partnerships.