Unified Payments Interface (UPI), launched by the National Payments Corporation of India (NPCI) in April 2016, has revolutionized the country’s digital payment landscape. This real-time payment system enables instant money transfers between bank accounts using mobile devices.
Being easy to use and instant, people have adopted the technology quickly. Currently, almost 8 out of 10 digital payments in India now conducted through UPI.
Let’s take a look at this technology through updated numbers and facts in this post.
UPI Statistics Top Picks
- Over 390 million people use UPI in India.
- UPI users have collectively made 173.59 billion worth of UPI transactions in the financial year 2024-2025.
- PhonePe is the leading UPI application in the country.
- UPI technology is available in 7 countries outside of India.
Number of BHIM UPI Users In India
India has over 390 million active UPI users, equivalent to 24% of the country’s population. India’s most used UPI application, PhonePe, alone has 600 million registered users.
Source: NPCI White Paper, PhonePe.
UPI Transaction Volume Over The Years
There have already been 173,597.92 million worth of UPI transactions in the financial year 2024-2025.
The UPI Transaction volume has been up by 32% from the previous financial year and by 1286% from the start of the decade.
Here is a table showing UPI transaction volume from 2017 to 2025.
| Financial Year | Number of UPI Transactions |
| 2017 | 17.9 million |
| 2018 | 915.2 million |
| 2019 | 5,353.40 million |
| 2020 | 12,518.60 million |
| 2021 | 22,330.70 million |
| 2022 | 45,956.10 million |
| 2023 | 83,714.40 million |
| 2024 | 131,129.50 million |
| 2025* | 173,597. 92 million |
*Values up to date till 10th March 2025.
UPI Monthly Transaction Volume in FY 2024 to 2025
People carried out an average of 14.46 billion worth of transactions every month in the FY 2024-2025. January has been the highest spending month with 16.99 billion worth of transactions.
Here is a table showing the UPI Monthly Transaction Volume in FY 2024 to 2025.
| Month | UPI Transaction Volume |
| April 2024 | 13.30 billion |
| May 2024 | 14.03 billion |
| June 2024 | 13.88 billion |
| July 2024 | 14.43 billion |
| August 2024 | 14.96 billion |
| September 2024 | 15.04 billion |
| October 2024 | 16.58 billion |
| November 2024 | 15.48 billion |
| December 2024 | 16.73 billion |
| January 2025 | 16.99 billion |
| February 2025 | 16.10 billion |
| March 2025* | 6.03 billion |
*Ongoing month at the time of writing this post.
Source: NPCI.
UPI Transactions Volume Daily
The average volume of UPI transactions is 603.34 million per day as of March 2025, an increase of 4.88% from February 2025, when the average volume was 575.22.
Source: NPCI.
Limit On Number of UPI Transactions Per User In a Day
While NPCI does not specify a universal cap on the number of UPI transactions per day, individual banks and UPI apps may set their limits. For example, some banks might restrict users to 10 or 20 daily transactions. If you reach your bank’s transaction limit, you may need to wait 24 hours before initiating new transactions.
Unified Payments Interface (UPI) transaction limits are primarily determined by individual banks, leading to variations in daily and per-transaction caps. The National Payments Corporation of India (NPCI) has set general guidelines, but specific limits can differ based on the bank and the UPI application in use.
General NPCI Guidelines:
- Per Transaction Limit: Up to ₹1 lakh.
- Daily Transaction Limit: Up to ₹1 lakh per bank account.
These limits can be higher for specific categories, such as Capital Markets and Foreign Inward Remittances, where the per-transaction limit is up to ₹2 lakh, and for Initial Public Offerings (IPOs) and the Retail Direct Scheme, where it is up to ₹5 lakh.
Source: NPCI FAQs.
UPI Usage By Country
UPI is steadily expanding across the globe. As of March 2025, UPI is available in the payment infrastructure of 7 counties outside India.
- Bhutan was the first foreign nation to adopt UPI in 2021, allowing payments through the BHIM app.
- Singapore enabled UPI-based QR payments in 2022, making transactions seamless for Indian visitors.
- Malaysia began using UPI for remittances in 2021 and is working on full integration with its PayNet system.
- UAE has implemented UPI to cater to its large Indian diaspora and tourists.
- Nepal adopted UPI to modernize its digital payments framework.
- France has embraced UPI to facilitate hassle-free transactions for Indian travelers.
- Sri Lanka is in the process of incorporating UPI into its financial ecosystem.
Beyond these, India is in talks with over 30 nations, including New Zealand, Ghana, Zimbabwe, Cambodia, and the Maldives, to enable UPI adoption. The growing international acceptance of UPI signals its rising influence, making cross-border transactions more accessible and efficient.
Source: NPCI.
UPI Application Market Share In 2025
PhonePe is the leading UPI platform in India with a 48.4% market share followed by GooglePay with 36.9%. This means that both these players handle 85.3% of the country’s UPI transaction volume.
PayTM is another key player with a good 6.9% market share and emerging NAVI has managed to grab a 1.4% market share.
CRED (0.8%), Super Money (0.7%), and Amazon Pay (0.6%) make it to the top 7 players in the UPI space.
Here is the above data in tabular form for convenience.
| UPI Application | Market Share |
| PhonePe | 48.4% |
| GooglePay | 36.9% |
| PayTM | 6.9% |
| Navi | 1.4% |
| CRED | 0.8% |
| Super Money | 0.7% |
| Amazon Pay | 0.6% |
| Others | 4.2% |
Source: NPCI.
UPI Fraud Statistics
UPI fraud cases saw an alarming 85% rise in FY24, with reported incidents jumping from 7.25 lakh in FY23 to 13.42 lakh. The total fraudulent transactions amounted to ₹1,087 crore, significantly higher than the ₹573 crore recorded the previous year.
These figures, disclosed by the Ministry of Finance in response to a parliamentary query, underscore the growing security challenges in India’s expanding digital payments landscape.
The situation remains concerning, as the initial months of FY24-25 have already witnessed 6.32 lakh UPI fraud cases, leading to losses of ₹485 crore—nearly half of last year’s total. This spike coincides with the increasing adoption of UPI for financial transactions.
Source: CNBC.
Fun UPI Facts
Interesting UPI Facts You Might Not Know
Did you know that ₹1,000 is the most frequently transferred amount via UPI? Let’s dive into some more fascinating insights about India’s digital payment system.
A Single Bank Account Can Have Up to Four UPI IDs.
Users can generate multiple UPI IDs for the same bank account, especially through apps like Google Pay. While this doesn’t impact transaction processing, it provides alternative payment routes, reducing the chances of failed transactions.
Share of UPI in Digital Payments increased by 12x since 2018
Back in 2018, UPI only had a 6% market share in the digital payment sector in India. Now the technology’s share has increased to 73%. It’s also the most used digital payment now.
PhonePe Users Spend 35% More on Mondays Compared to Sundays.
Spending patterns indicate a sharp rise in transactions at the start of the workweek, likely after a weekend of relaxation and outings.
UPI helped increase digital payments by 7 times.
UPI was launched in 2016 and was able to increase the volume of digital payments in India by 7x by 2023. Its even greater now.
Over 37% of UPI Transactions Happen After 6 PM.
Evenings see a surge in UPI payments, especially in food and beverage outlets, as professionals unwind after work. Interestingly, around 10% of daily transactions take place between 7–8 PM alone.
