UPI Transactions Dip in February: Volume Down 5% to 16.11 Billion, Value Drops 7%

The volume of Unified Payments Interface (UPI) transactions dipped 5 percent month-on-month from 16.99 billion in January to 16.11 billion in February because the month had fewer days. 

Likewise, in February, the value also dipped 6.5 percent to Rs 21.48 trillion, compared to Rs 23.48 trillion in January. 

This is in comparison with December's data when the volume figure stood at 16.73 billion and the value was at Rs 23.25 trillion. Other data from NPCI shows this was a 33 percent growth in volume compared to the previous month, and a 20 percent increase in value. 

According to NPCI figures, “The lower numbers in February 2025 are only because February has fewer days. In February 2025, the average daily transactions were 575 million and Rs 78,446 crore compared to January 2025 when it was 548 million and Rs 75,743 crore. In terms of transaction volume, the year-on-year growth stood at 33 percent. Thanks to the expanding avenues for UPI as well as use cases, this was not unexpected," said Sunil Rongala, Senior Vice President, Head – Strategy, Innovation and Analytics, Worldline India.

The month of February recorded a 9% decrease in the total number of IMPS transactions conducted, with the total reaching 405 million as compared to the 444 million processed in January. In monetary terms, the decrease was similar with a dip of 7% to ₹5.63 trillion in February compared to ₹6.06 trillion in January's value. This was previously reported in December as 441 million in volume alongside 6.02 trillion in value. Volume-wise, this represented a decline of 24% and value-wise, there was a dip of 1% when compared to February 2024.

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In February, the average daily transactions grew to 14.46 million which is more than 14.33 million in January translating to a total value of payments of 20,110 crore in February and 19,562 crore in January. 

February saw an increase of 1 percent in tag transactions bringing the total to 384 million. The increase was from 380 million in January and 382 million in December. The value reduced slightly to 6,601 crore in February from 6,614 crore in January. Compared to February, 2024, a 19 percent rise in volume and 18 percent rise in value was observed. The average daily transactions during the month of February were 13.71 million. This is higher in comparison to 12.27 million in January and 12.32 million in December. The value translated to 236 crores per day from 213 crores in January.

In February, the number of Aadhaar transactions remained unchanged at 94 million. However, in terms of value, 24,410 crore in February was higher by 2 percent from January figure of 24,026 crore. The December figure was 24,020 crore.

In February, daily transactions reached 3.37 million, an increase from 3.03 million in January and 3.02 million in December. Furthermore, AePS transactions showed a 14% and 11% growth in volume and value respectively compared to the previous year.