UPI transactions in February showed a 33% increase in volume compared to the previous year.

Recent data from the National Payments Corporation of India (NPCI) has revealed some promising growth in the unified payments interface (UPI) transactions. In February, there was a 33% increase in transaction volume, reaching an impressive 16.11 billion. This surge in activity was also reflected in the transaction value, which saw a 20% jump to Rs 21.96 lakh crore.

The daily transactions for UPI in February reached an impressive 575 million, up from 548 million in January. This translated to a daily value of Rs 78,446 crore, surpassing the previous month's value of Rs 75,743 crore. These numbers clearly show the growing popularity and usage of UPI among the Indian population.

In fact, the total transaction volume for the fiscal year 2023-24 has surpassed 131 billion, with the value exceeding Rs 200 lakh crore. This is a testament to the remarkable expansion of digital payments in India, with UPI being the main contributor to 80% of all retail payments in the country.

The NPCI data also revealed that Immediate Payment Service (IMPS) transactions stood at 405 million, amounting to Rs 5.63 crore in value. Additionally, FASTag transactions saw a 19% increase in volume and an 18% increase in value, reaching 384 million and Rs 6,601 crore respectively. There was also a 14% growth in transactions made through the Aadhaar Enabled Payment System (AEPS), reaching 94 million.

The ease of use and convenience offered by UPI, coupled with the growing number of participating banks and fintech platforms, has made it the preferred mode of real-time payments for millions of users across India. As of January, there were over 80 UPI apps and 641 banks live on the UPI ecosystem, according to the latest government data.

The success of UPI is not limited to India alone, as it is rapidly expanding globally, allowing seamless cross-border transactions for Indian users traveling abroad. Currently, UPI is available in more than 7 countries, including key markets like UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, making it easier for Indians to make payments internationally. This only further solidifies UPI's position as a leading digital payment method, not just in India, but on a global scale.

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