UPI transactions marginally up to 21.7 billion, value at ₹28.3 trillion

UPI transactions rose marginally in January, with volumes at 21.7 billion and value touching ₹28.3 trillion, underscoring steady momentum in India's digital payments ecosystem despite month-on-month m

How did UPI transactions perform in January?

 

Unified Payments Interface (UPI) transactions posted a marginal rise of 0.32 per cent in January to 21.70 billion, against 21.63 billion in December.

 

In value terms, transactions were up 1.3 per cent to ₹28.33 trillion during the month, compared with ₹27.97 trillion in December. In January, daily transactions increased to 700 million from 698 million in December. In value terms, this amounted to ₹91,403 crore during the month under review, as against ₹90,217 crore in December 2025.

 

The January numbers compare with 20.46 billion transactions in November, with a value of ₹26.32 trillion. On an annual basis, UPI transactions were up 28 per cent in volume and 21 per cent in value compared with January 2025.

   

What is driving the steady growth in UPI usage?

 

“UPI continues to demonstrate strong structural momentum. The consistency is as important as the headline growth. With 700 million transactions occurring daily, UPI is no longer just a payments rail — it is critical national digital infrastructure supporting consumption, commerce, and financial inclusion at scale,” said Ramesh Narasimhan, chief executive officer (India), Worldline.

 

How did other digital payment modes perform?

 

Immediate Payment Service (IMPS) transactions declined 1.6 per cent to 374 million in January from 380 million in December. In value terms, IMPS transactions rose 1.7 per cent to ₹6.73 trillion in January, compared with ₹6.62 trillion in the previous month. In November, IMPS transactions stood at 369 million, with a value of ₹6.15 trillion. Daily transactions dipped from 12.26 million to 12.07 million, while the value of daily transactions rose 1.6 per cent to ₹21,709 crore.

 

FASTag transactions in January declined 3 per cent to 373 million from 384 million in December. Transaction value also fell 2 per cent to ₹7,232 crore from ₹7,385 crore in December. In November, FASTag transactions stood at 369 million, with a value of ₹7,046 crore. Average daily transactions fell to 12.05 million, with a daily value of ₹233 crore.

 

What was the trend in AePS transactions?

 

In January, Aadhaar Enabled Payment System (AePS) transactions stood at 99 million, up 4 per cent from 95 million in December. Transactions had been higher at 108 million in November. The value of AePS transactions rose to ₹25,907 crore from ₹25,167 crore in December, compared with ₹28,428 crore in November. Daily transactions increased from 3.08 million to 3.18 million during the month, with daily transaction value rising from ₹812 crore to ₹836 crore.