UPI growth in India
UPI adoption in India rebounded in March, with transactions surging 11% MoM to 22.64 billion from 20.39 billion in February, according to NPCI data. The total value of UPI transactions reached ₹29.53 Lakh Cr, a 10% increase from February’s ₹26.84 Lakh Cr.
Daily transaction volumes remained stable at 730 million in March, compared to 728 million the previous month. The average daily transaction value saw a slight decrease to ₹95,243 Cr from ₹95,865 Cr in February.
Market leaders maintained their positions, with PhonePe leading with 928.3 Cr transactions, despite a 6% MoM decline. Google Pay processed 676.7 Cr transactions, holding its second position with a 34% market share. Paytm remained third with 159.9 Cr transactions, even with a sequential dip in volumes.
Smaller players like Navi and super.money maintained their positions, while BHIM increased its share with 17.5 Cr transactions, surpassing apps like CRED and FamApp.
For FY26, UPI processed approximately 241.6 billion transactions, totaling about ₹314.2 Lakh Cr, marking a strong year for digital transaction adoption in India.
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