UPI Crosses ₹308 Lakh Crore in FY26; Daily Transactions Hit ₹1 Lakh Crore in March
India’s leading digital payments platform, UPI, continues to shatter its own records. In March 2026, the total transaction value approached ₹30 lakh crore, while the full financial year 2025–26 saw the figure soar past ₹308 lakh crore. This marks a significant milestone for the Unified Payments Interface, reflecting the nation’s deepening reliance on digital payments.
March 2026: A Month of Milestones
March proved to be a standout month for UPI, with transaction values reaching ₹29.53 lakh crore—just shy of the ₹30 lakh crore mark. On an average day during the month, nearly ₹1 lakh crore moved through the platform. When viewed across the entire financial year, the daily average transaction value stood at a robust ₹84,500 crore.
Transaction Volumes Surge to New Highs
The volume of transactions also witnessed a dramatic rise. In March 2026 alone, UPI processed 22.6 billion transactions—the highest ever recorded in a single month. Over the course of the financial year, the total number of transactions climbed to 241.6 billion. For context, FY25 saw roughly 185 billion transactions. While the growth rate this year settled at 30%, down from 40% in the previous year, the absolute numbers remain staggering.
Merchant Payments Drive Growth
A major driver of UPI’s expansion has been merchant payments, which now account for a substantial portion of overall activity. Key insights include:
- Merchant payments make up 62% of total transaction volume.
- A striking 86% of these merchant payments are for amounts under ₹500.
- Approximately 10% of transactions fall between ₹500 and ₹2,000.
Person-to-Person Payments Still Lead in Value
Despite merchant payments dominating in volume, person-to-person (P2P) transactions continue to lead in terms of value. The total value of P2P transfers is more than double that of merchant payments. Notably, around 44% of all P2P transactions exceed ₹500, underscoring their role in larger-value fund transfers.
This dual trend—high-volume small payments for merchants and high-value transfers between individuals—highlights the versatility of UPI as a payment ecosystem. As digital adoption deepens across urban and rural India alike, the platform’s trajectory shows no signs of slowing down.
