India’s digital payments ecosystem set a record in March, with Unified Payments Interface (UPI) transactions touching a new high of Rs 24.77 lakh crore during the month, data released on April 1 by the National Payments Corporation of India (NPCI), which operates the instant payments system, showed.
UPI transactions in March crossed the Rs 20 lakh crore mark for the eleventh consecutive month.
The value of UPI transactions was 25 per cent higher than in March 2024, while volume grew 36 percent during the year.
The country witnessed 18.3 billion UPI transactions in the last month of the fiscal.
For the January-March quarter, the value of Rs 70.2 lakh crore was 24 percent higher than the year-ago period.
The average transaction value also rose 1.9 percent from the previous month to Rs 79,903 crore per day. Volumes grew 2.6 percent from February.
The value per transaction fell to its lowest in eight months at Rs 1,353.6.
The Indian economy is expected to perform better in the last quarter of the year, as the second advance estimates put growth at over 7 percent.
Chief Economic Adviser V Anantha Nageswaran had said in March that Kumbh-related spending and a rise in government capital expenditure are expected to help the economy cross the 7 percent mark.
