UPI transactions rise to record high of Rs 24.8 lakh crore in March

UPI transactions soared higher in March

India’s digital payments ecosystem had a record March, with Unified Payments Interface (UPI) transactions touching a new high of Rs 24.77 lakh crore during the month, data released by National Payments Corporation of India (NPCI), which operates the instant payments system, on April 1 shows.

March marks the eleventh consecutive month of UPI transactions staying above the Rs 20-lakh-crore mark.

The value of UPI transactions was up 25 percent from March 2024, whereas volumes rose 36 percent over the year.

The country did 18.3 billion UPI transactions in the last month of the financial year.

For the January-March quarter, at Rs 70.2 lakh crore, value was 24 percent higher from the year-ago period.

The average transaction value was also higher at Rs 79,903 crore a day, up 1.9 percent from the previous month. Volumes rose 2.6 percent from February.

The value per transaction dipped to its lowest in eight months of Rs 1,353.6.

FASTag volumes were lower for the month at 379 million compared with 384 million in the previous month, but transaction amount was higher at Rs 6,800 crore from Rs 6,601 crore in

The Indian economy is likely to have performed better in the final quarter of the year, as the second advance estimates peg the growth at more than 7 percent.

Chief economic adviser V Anantha Nageswaran said in March that Kumbh-related spending and a pick-up in government capex is expected to help the economy go past the 7 percent-mark.