India’s real-time payments network National Payments Corporation of India reported record activity on the Unified Payments Interface (UPI) in March 2026, with total transactions reaching 22.64 billion, the highest-ever monthly volume to date.In value terms, UPI transactions stood at ₹29.53 lakh crore during the month, according to official data.
The figures mark a rise from February 2026, when the platform processed 20.39 billion transactions worth ₹26.84 lakh crore.
On a daily basis, UPI handled an average of 730 million transactions in March, with average daily transaction value at ₹95,243 crore. Year-on-year, transaction volume grew 24%, while transaction value rose 19%.
Industry participants said the continued growth reflects deeper adoption of digital payments across both urban and rural markets.Anand Kumar Bajaj, Founder, MD and CEO of PayNearby, said the expansion of UPI indicates increasing integration of real-time payments into everyday transactions. He noted that adoption is widening across smaller towns and among merchants, with assisted digital models helping onboard new users.Separately, Akash Sinha, Co-founder and CEO of Cashfree Payments, said the March figures reinforce UPI’s role as a primary payment method for millions. He added that while scale continues to grow, ensuring security remains critical.Sinha highlighted measures by the Reserve Bank of India, including stronger authentication norms and proposed safeguards under its payments vision framework, as key to maintaining trust in the system.Dilip Modi, Founder & CEO, Spice Money, said that growth is not just a seasonal spike but a reflection of sustained behavioural change across both urban and rural India. A 19% rise in value and 24% growth in volume year-on-year signal increasing trust, frequency, and diversity of use cases on the platform.”What is particularly noteworthy is UPI’s dominance, now accounting for 85% of all digital transactions in the country and nearly half of global real-time payments. This positions India as a global benchmark for scalable, inclusive fintech innovation,” he said.First Published: Apr 1, 2026 9:19 PM IST
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