UPI transactions drop 5% in volume, 6.5% in value due to shorter February

Unified Payments Interface (UPI) transactions saw a 5 per cent month-on-month dip in volume to 16.11 billion in February, from 16.99 billion in January, owing to the fewer number of days in the month. Similarly, the value also declined 6.5 per cent to Rs 21.48 trillion in February, compared to Rs 23.48 trillion in January.

 

This is compared to 16.73 billion in volume and Rs 23.25 trillion in value in December. However, this was a 33 per cent rise in volume and 20 per cent in value compared to February 2024, said data from the National Payments Corporation of India (NPCI).

 

“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.

 

Immediate Payment Service (IMPS) transactions were 9 per cent down in February to 405 million as against 444 million in January. In value terms, too, it was down by 7 per cent to Rs 5.63 trillion in February versus Rs 6.06 trillion in January. In December, this was seen at 441 million in volume and Rs 6.02 trillion in value. In volume terms, this was a 24 per cent decline, and in value terms, a 1 per cent dip compared to February 2024.

 

The number of daily transactions for February stood at 14.46 million, up from 14.33 million in January, which translated to a value of Rs 20,110 crore in February and Rs 19,562 crore in January.

 

FASTag transactions increased by 1 per cent to 384 million during the month, compared to 380 million in January and 382 million in December. The value dipped marginally to Rs 6,601 crore in February versus Rs 6,614 crore in January. This was a 19 per cent growth in volume and 18 per cent in value compared with February 2024. The daily transactions in February increased to 13.71 million, compared to 12.27 million in January and 12.32 million in December. In value, this was seen at Rs 236 crore per day, compared to Rs 213 crore in January.

 

Aadhaar Enabled Payment System (AePS) transactions were seen as flat at 94 million in February. However, in value terms, this was up by 2 per cent, from Rs 24,026 crore in January to Rs 24,410 crore in February. This was compared to Rs 24,020 crore in December.

 

The number of daily transactions was 3.37 million in February, up from 3.03 million in January and 3.02 million in December. AePS transactions saw a 14 per cent rise in volume and 11 per cent in value compared with the year-ago period.