Mumbai, June 1 (IANS) India’s digital payments ecosystem witnessed continued growth, with Unified Payments Interface (UPI) transaction volumes rising 24 per cent year-on-year to 23.20 billion and transaction value nearing the Rs 30 lakh crore mark in May, according to data released by the National Payments Corporation of India (NPCI) on Monday.

According to NPCI, UPI transaction value stood at Rs 29.90 lakh crore during the month. On a year-on-year basis, transaction value rose 19 per cent.

On an average basis, UPI processed around 748 million transactions daily in May, with average daily transaction value standing at about Rs 96,465 crore.

However, on a month-on-month basis, UPI transaction volumes rose around 3.8 per cent from April, while transaction value increased nearly 3 per cent.

Apart from that, Immediate Payment Service (IMPS) transactions stood at 358 million in May. Meanwhile, Aadhaar-Enabled Payment System (AePS) transactions reached 88 million in May.

In April, digital payment transactions increased 25 per cent year-on-year to reach 22.35 billion, with transactions worth Rs 29.03 lakh crore in terms of value, which marked a 21 per cent annual growth. On a daily basis, the average number of transactions saw a notable increase to 745 million in the month of April (from 730 million in March).

Notably, UPI is now live in more than eight countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, positioning India as a global leader in digital payments.

India’s flagship digital payments platform has recorded an extraordinary 12,000-fold surge in transaction volume over the past decade, according to the government.

From a modest base of just 2 crore transactions in FY2016-17, the platform processed over 24,162 crore transactions in FY2025-26, it added.

UPI — operated by NPCI — has emerged as India’s dominant real-time payment system, enabling instant money transfers across banks through mobile-based platforms.

–IANS

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