India’s Unified Payments Interface (UPI) continued its upward trajectory in May 2025, processing a record 18.68 billion transactions, up from 17.89 billion in April, reflecting a resilient recovery in digital payment activity.
According to data released by the National Payments Corporation of India (NPCI), UPI transactions rose 33% year-on-year (YoY) compared to 14.03 billion transactions in May 2024. In terms of transaction value, UPI registered ₹25.14 lakh crore, marking a 5% increase from ₹23.95 lakh crore in April, and a 23% rise from ₹20.45 lakh crore in May last year.
The average daily transaction volume in May stood at 602 million, while the average daily transaction value reached ₹81,106 crore, further underscoring the platform’s growing significance in India’s financial ecosystem.
UPI’s Expanding Share and Global Leadership
UPI has solidified its dominance in India’s digital payments landscape, with its share in total transaction volume climbing to 83.7% in FY25, up from 79.7% in FY24, according to the Reserve Bank of India’s (RBI) annual report.
The report highlights that UPI facilitated 185.8 billion transactions in FY25 — a 41% increase from the previous year — with transaction value surging to ₹261 lakh crore, up from ₹200 lakh crore in FY24.
“The success of UPI has positioned India as a global leader, accounting for 48.5% of real-time digital payments worldwide by volume,” the RBI noted.
Overall Digital Payments Boom
India’s broader digital payment ecosystem also witnessed substantial growth. Total digital payments, encompassing UPI, card networks, and prepaid payment instruments (PPIs), rose 35% YoY to reach 221.9 billion transactions in FY25, compared to 164.4 billion in FY24. In value terms, the sector expanded 17.97% to ₹2,862 lakh crore.
International Expansion of UPI
Reinforcing its global ambitions, the RBI reiterated its commitment to extend UPI to 20 countries by 2028–29. Currently, Indian UPI apps are accepted via QR code-based merchant payments in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates, benefiting Indian tourists, students, and business travellers abroad.
