Mumbai, June 1 (IANS): India’s digital payments ecosystem witnessed continued growth in May, with Unified Payments Interface transaction volumes rising 24 per cent year-on-year to 23.20 billion and transaction value nearing the Rs 30 lakh crore mark at Rs 29.90 lakh crore, reflecting a 19 per cent annual growth in value, according to data released by the National Payments Corporation of India. 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. 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 UPI, Immediate Payment Service transactions stood at 358 million in May, while Aadhaar-Enabled Payment System transactions reached 88 million during the month.
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 value, marking a 21 per cent annual growth, with average daily transactions rising to 745 million from 730 million in March. 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, growing from a modest base of just 2 crore transactions in FY2016-17 to over 24,162 crore transactions in FY2025-26. UPI, operated by NPCI, has emerged as India’s dominant real-time payment system, enabling instant money transfers across banks through mobile-based platforms.