New Delhi: India's digital payments ecosystem scaled a fresh peak in May, with Unified Payments Interface (UPI) transactions touching a record Rs 29.90 lakh crore in value and 23.2 billion in volume, according to data released by the National Payments Corporation of India (NPCI).
The value of UPI transactions rose from Rs 29.03 lakh crore in April and was significantly higher than Rs 25.14 lakh crore recorded in May last year, marking an annual growth of 19 per cent. Transaction volumes also surged 24 per cent year-on-year from 18.67 billion to 23.2 billion. Industry experts attributed the growth to higher consumer spending during the summer holiday season and the IPL 2026 cricket tournament.
Akash Sinha, Co-founder and CEO of Cashfree Payments, said the latest figures indicate strong organic demand and reaffirm UPI's steady growth trajectory. He noted that the average transaction size has gradually fallen from Rs 1,848 in 2021 to Rs 1,313 in 2025, reflecting wider adoption for everyday purchases rather than any weakness in the ecosystem.
Sinha said future growth will be driven by emerging segments such as credit-on-UPI and cross-border payments. UPI services are already operational in several countries, including the UAE, Singapore, Bhutan, Nepal and Mauritius, helping expand India's digital payment footprint globally.