Following a slight decrease in February, UPI adoption in India saw a significant rebound in March. According to data from the National Payments Corporation of India (NPCI), UPI transactions increased by 11% month-on-month, totaling 22.64 billion compared to 20.39 billion in February.
The total value of these transactions reached ₹29.53 lakh crore, representing a 10% rise from ₹26.84 lakh crore in the previous month.
On a daily basis, transaction volumes remained stable at approximately 730 million in March, slightly up from 728 million in February. However, the average daily transaction value experienced a minor decline, dropping to ₹95,243 crore from ₹95,865 crore.
Despite the slowdown in February, leading market players maintained their positions in March. PhonePe topped the list with 928.3 crore transactions, although this was a decrease of over 6% month-on-month. Google Pay followed in second place with 676.7 crore transactions, holding a steady 34% market share.
Paytm secured the third position with 159.9 crore transactions, despite a sequential decline in volumes.
Among smaller players, Navi and super.money retained their standings, while BHIM continued to expand its market share with 17.5 crore transactions, further solidifying its lead over competitors like CRED and FamApp.
UPI's strong adoption across India persists, with transaction volumes consistently reaching high levels over the past year, fueled by the growing use of digital payments in both urban and rural areas.
For the entire financial year FY26, UPI processed approximately 241.6 billion transactions, with a total value of around ₹314.2 lakh crore, marking another robust year for digital transaction growth in the country.
