Unified Payments Interface Transactions Surge in March 2026
Unified Payments Interface witnessed a significant increase in transaction activity in March 2026, as reported by the National Payments Corporation of India. This platform processed 22.64 billion transactions during the month, marking an uptick from the 20.39 billion transactions recorded in February. This surge in volume stands as the peak monthly transaction total since UPI’s launch in 2016, surpassing January’s figure of 21.70 billion.
Year-over-Year Growth in UPI Transactions
When considering year-over-year performance, the transaction volumes for March showcased a robust growth of 24%. In financial terms, the value of transactions escalated to Rs 29.53 lakh crore in March from Rs 26.84 lakh crore in February, compared to Rs 28.33 lakh crore recorded in January. March also exhibited a 19% year-over-year growth in value, albeit lower than the 22% increase observed in February.
Daily Transaction Metrics
The average daily transaction count showed a slight increase to 730 million in March from 728 million in February. However, there was a minor decline in the average daily transaction value, which dipped to Rs 95,243 crore from Rs 95,865 crore.
Among UPI applications, PhonePe maintained its position at the forefront of the market in February, capturing approximately 45.5% of the transaction volume. Google Pay followed closely in second place with around 33% market share, while Paytm held a share of roughly 7–8%. Market share data specifically for the month of March has yet to be published.