UPI transaction value dips 3% to ₹23.9 trillion in April, volume dips 2%

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Unified Payments Interface (UPI) transactions in April this year fell by 2 per cent to 17.89 billion, while the transaction value decreased by 3 per cent to ₹23.95 trillion, following a strong performance in March 2025 due to year-end sales.

 

In March, the volume reached 18.3 billion and the value stood at ₹24.77 trillion, marking a 14 per cent and 13 per cent rise, respectively, from February, according to data from the National Payments Corporation of India. Markedly, April 2025 numbers showed a 34 per cent increase in volume and a 22 per cent rise in value compared to the same month last financial year. 

  “In May 2025, UPI transactions are likely to maintain their growth trajectory, building on the impressive pace set in previous months. Digital payments in India are not just expanding — they are becoming fundamental to everyday life," said Kunal Jhunjhunwala, founder of Airpay Payment Services.

 

Interestingly, the number of daily transactions remained stable at 596 million, with a value of ₹79,831 crore, compared to 590 million and ₹79,910 crore.

 

Immediate Payment Service transactions also declined by 3 per cent to 449 million in April, compared to 462 million in March. This was 405 million in February. In value terms, it saw a 7 per cent drop to ₹6.22 trillion in April, from ₹6.68 trillion in March. The numbers stood at ₹5.63 trillion in February. 

 

“This steady growth reflects the nation’s swift transition to a cashless economy, driven by increased digital adoption in urban centres and underserved regions. The widespread adoption of digital platforms broadens access to financial services and brings transparency, efficiency, and empowerment across all sectors of society,” Jhunjhunwala added.

 

The daily transaction count for April was 14.98 million, up from 14.89 million in March, translating into a value of ₹20,722 crore in April and ₹21,542 crore in March. Interestingly, the April numbers showed an 18 per cent decline in volume compared to April 2024, while value grew by 5 per cent.’

 

Fastag transactions rose slightly to 383 million in April 2025, from 379 million in March. The value also increased to ₹6,801 crore, compared to ₹6,800 crore in March. In February, the transaction count was 384 million, with a value of ₹6,601 crore. The April numbers saw a 17 per cent increase in volume and a 22 per cent rise in value compared to April 2024. Daily transactions in April increased to 12.75 million, compared to 12.23 million in March and 13.71 million in February. Daily value also rose to ₹227 crore, up from ₹219 crore per day in March.

 

Aadhaar Enabled Payment System (AePS) transactions fell by 16 per cent to 95 million, compared to 113 million a month earlier and 94 million in February. In value terms, this was a 13 per cent decline to ₹26,618 crore in April, compared to ₹30,539 crore in March. The value in February was ₹24,410 crore.

 

The daily transaction count stood at 3.18 million, compared to 3.65 million in March. AePS transactions saw a 2 per cent increase in volume and a 6 per cent rise in value compared to the same period last year.