Record-Breaking UPI Growth: 22.64 Billion Transactions in March, PhonePe Leads Market Share

  • April 6, 2026, 12:31 p.m.

India’s digital payments ecosystem reached a new milestone as Unified Payments Interface (UPI) recorded a record 22.64 billion transactions in March, the highest ever in a single month, according to the National Payments Corporation of India.

Strong Year-on-Year Growth

UPI transactions saw:

  • 24% growth in volume (YoY)
  • 19% increase in transaction value

The total transaction value in March stood at ₹29.53 lakh crore, compared to:

  • ₹26.84 lakh crore in February
  • ₹28.33 lakh crore in January

Monthly Growth Trend

  • February: 20.39 billion transactions
  • January: 21.70 billion transactions

The steady rise reflects growing adoption of digital payments across India.

Daily Transactions and Value

  • Average daily transactions rose slightly to 730 million (from 728 million in February)
  • Average daily transaction value dipped marginally to ₹95,243 crore

PhonePe, Google Pay Lead Market

Among UPI apps:

  • PhonePe dominated with 45.5% market share
  • Google Pay held around 33% share
  • Paytm accounted for 7–8% share

UPI Expands Globally

UPI is now operational in multiple countries, including:

  • UAE, Singapore, Bhutan, Nepal
  • Sri Lanka, France, Mauritius, Qatar

This expansion is:

  • Boosting cross-border remittances
  • Enhancing financial inclusion
  • Strengthening India’s position in the global fintech ecosystem

India Emerging as Global Digital Payments Leader

The rapid growth of UPI highlights:

  • Increasing digital adoption
  • Strong fintech innovation
  • Government push for a cashless economy

UPI’s record-breaking performance reinforces India’s status as a global leader in digital payments.

Author : Rajdhani Delhi Representative

Rajdhani delhi representative

Related News