Unified Payments Interface (UPI) transactions experienced a 5 per cent month-on-month decrease in volume, dropping to 16.11 billion in February from 16.99 billion in January, primarily due to the shorter number of days in the month. Similarly, the value of transactions fell by 6.5 per cent to Rs 21.48 trillion in February, down from Rs 23.48 trillion in January.
In comparison to December, where the volume was 16.73 billion and the value was Rs 23.25 trillion, February’s figures represent a 33 per cent increase in volume and a 20 per cent rise in value year-on-year, compared to February 2024, according to data from the National Payments Corporation of India (NPCI), according to a Business Standard report.
“The lower numbers in February 2025 are only because February has fewer days. The average daily transactions in February 2025 were 575 million and Rs 78,446 crore, compared to 548 million and Rs 75,743 crore in January 2025. The year-on-year growth in transaction volume stood at 33 per cent. This growth is no surprise given the increased channels for UPI as well as the use cases,” said Sunil Rongala, senior vice-president, head – Strategy, Innovation and Analytics, Worldline India, reported Business Standard.
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Immediate Payment Service Transactions
Immediate Payment Service (IMPS) transactions saw a 9 per cent decline in February, with 405 million transactions recorded, down from 444 million in January. In terms of value, IMPS transactions also dropped by 7 per cent to Rs 5.63 trillion in February, compared to Rs 6.06 trillion in January.
In December, the volume was 441 million and the value was Rs 6.02 trillion. Compared to February 2024, this reflects a 24 per cent decrease in volume and a 1 per cent dip in value.
In February, the number of daily transactions increased slightly to 14.46 million, up from 14.33 million in January. This resulted in a total value of Rs 20,110 crore for February, compared to Rs 19,562 crore in January.
