On a year-on-year (YoY) basis, transaction volumes and values rose 29 per cent and 20 per cent, respectively. Sequentially, volumes increased 5.66 per cent, while values rose 6.26 per cent.
UPI transactions had peaked at 20.7 billion worth ₹27.28 trillion in October, driven by festival spending. Transaction volumes and values eased in November as festival demand tapered off, but rebounded in December amid holiday-season spending.
In calendar year 2025, UPI recorded over 228 billion transactions worth nearly ₹300 trillion, up 32.5 per cent on year in volumes and 21 per cent on year in value from 2024.
In 2024, UPI saw 172.2 billion transactions worth ₹246.8 trillion, and in 2023, it was 117.6 billion transactions worth ₹182.9 trillion.
While UPI continues to post impressive growth in transaction volumes and values, the key challenge ahead will be scaling usage further by expanding adoption beyond the current cohort of daily users to a wider segment of the population.
The NPCI has been rolling out new features such as UPI Circle, UPI Lite, credit cards on UPI, and credit lines on UPI to expand adoption beyond the traditional user base. Among these, credit on UPI is the biggest bet and could significantly boost transaction volumes once it gains wider traction.
According to Worldline’s outlook for India’s payments ecosystem, credit-on-UPI is likely to witness mass adoption, enabling small-ticket credit, EMIs, and pre- approved credit lines through familiar UPI journeys. Semi-urban centres and smaller towns are set to lead the next phase of digital expansion, driven by rapid QR adoption among kiranas, pharmacies, and local service providers, it said.
Meanwhile, the Reserve Bank of India (RBI) is actively pursuing measures to expand the global acceptance of Indian payment instruments.
These include enabling QR-based UPI acceptance for cross-border merchant (P2M) payments, interlinking UPI with fast payment systems in other countries to facilitate cross-border remittances, and offering the deployment of the UPI and RuPay technology stacks to help other nations build their own fast payment systems and domestic card schemes.
Currently, UPI services are available in Singapore, the UAE, France, Nepal, Bhutan, Mauritius, and Sri Lanka.
The Indian government is in talks with at least 7-8 additional countries to expand UPI’s footprint overseas, allowing Indians travelling abroad to use the platform for payments.
The immediate focus is on expanding coverage in West Asia and East Asia, regions with large Indian diaspora populations, before extending to Europe. NPCI International Payments Ltd (NIPL), a wholly-owned subsidiary of NPCI, is responsible for deploying home-grown payment systems such as UPI and the RuPay card scheme globally.
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