UPI Transactions Decline 6% MoM To 20.39 Bn In February

The value of the UPI transactions in February stood at ₹26.84 Lakh Cr, down 5% from ₹28.33 Lakh Cr in January

The daily average transactions during the month under review grew to 728 Mn from 700 Mn in the previous month

The dip in UPI transactions last month can be attributed to February having three fewer days than January

Reversing the momentum of the past few months, the Unified Payments Interface (UPI) transactions saw a month-on-month dip in February, falling 6% to 20.39 Bn from 21.70 Bn in January.

The value of the UPI transactions in February stood at ₹26.84 Lakh Cr, down 5% from ₹28.33 Lakh Cr in January.

The daily average transactions during the month under review grew to 728 Mn from 700 Mn in the previous month, as per NPCI data. Meanwhile, the average daily transaction amount stood at ₹95,865 Cr in February as against ₹91,403 Cr in the previous month.

The dip in volume during the month can be attributed to the month of February having three fewer days. UPI transactions have been recording all-time-highs for several months. In 2025, UPI transactions stood at 220 Bn worth ₹299.76 Lakh Cr.

PhonePe continued its lead in terms of UPI volume in 2025, albeit losing some market share to its peers, while a duopoly was sustained by GooglePay taking the second top spot. However, smaller players have been picking up pace.

In January, NPCI’s BHIM inched up to the sixth top spot, leaving behind competitors like CRED and FamApp. Others like Navi and super.money have also been recording a rise in transactions and market share.

The NPCI will release the app-wise data for the month of February later this month.

Besides uptick in UPI transactions in India, the increase in the digital transactions are being driven by UPI’s global expansion. Most recently, the international arm of NPCI partnered with Payments Network Malaysia to enable interoperable QR-based transactions between the two countries.

The payments ecosystem was introduced to several countries like Nepal, Qatar, Peru and Singapore in 2024 and expanded to several Middle Eastern countries last year.

The Centre is also pushing for higher UPI adoption within the country, with ₹2,000 Cr allocated in the Union Budget 2026-27 under the incentive scheme for promotion of RuPay debit cards and low-value BHIM-UPI transactions, 5X higher than ₹437 Cr budgeted for FY26.