UPI Transaction Trends for February 2026

UPI recorded 20.39 billion transactions in February 2026, a decrease from 21.70 billion transactions noted in January, as per the latest data from the National Payments Corporation of India (NPCI). Although there was a decline in monthly figures, the year-on-year growth in transaction volumes reached 27%. This slight reduction is attributed to February having fewer days than January, even though the average daily transaction activity remained stable.

In terms of value, the UPI transactions totalled Rs 26.84 lakh crore in February, in contrast to Rs 28.33 lakh crore in January, highlighting a 5.3% monthly decline. On a year-on-year basis, however, the transaction value increased by 22%. The average daily transaction count for February was recorded at 728 million, surpassing the 700 million mark from January. The average daily transaction value saw a rise to Rs 95,865 crore, up from Rs 91,403 crore the previous month.

Comparative Analysis of UPI Transactions

For comparison, in December 2025, UPI processed 21.63 billion transactions amounting to Rs 27.97 lakh crore, indicating that February was lower on both volume and value compared to the prior two months.

Market Leaders in February 2026

In January 2026, PhonePe continued to dominate the UPI ecosystem with a commanding 45.7% share of total transaction volume and a 48.6% share by value across UPI applications. Google Pay secured the second position, representing 33.3% of overall transaction volume and 33.8% of total transaction value. Paytm ranked third with 1.66 billion transactions, equating to a 7.7% share by volume and 6.4% share by value. The detailed breakdown of data for February is still pending release.