Unified Payments Interface (UPI) transaction volume in February dipped by 5 per cent to 16.11 billion, compared to 16.99 billion in January.
The transaction value for February declined by 6.5 per cent to ₹21.48 trillion, compared to ₹23.48 trillion in January.
This compares to 16.73 billion in volume and ₹23.25 trillion in value in December. However, it marks a 33 per cent rise in volume and a 20 per cent increase in value compared to February 2024, according to data from the National Payments Corporation of India (NPCI).
The average daily transaction count rose to 575 million in February, up from 548 million in January. The average daily transaction amount increased by 3.56 per cent to ₹78,446 crore in February from ₹75,743 crore in January.
In 2024, UPI transactions surged by almost 46 per cent to a record 17,220 crore from 11,768 crore in 2023.
FASTag transactions saw a slight increase of 1 per cent in February, reaching 384 million, up from 380 million in January and 382 million in December. However, the total transaction value dipped marginally to ₹6,601 crore from ₹6,614 crore in January.
On a year-on-year basis, FASTag transactions recorded a 19 per cent rise in volume and an 18 per cent increase in value over February 2024.
Daily transactions in February rose to 13.71 million, up from 12.27 million in January and 12.32 million in December. In terms of value, daily collections stood at ₹236 crore, up from ₹213 crore in January.
Fintech giant PhonePe maintained its dominance in the UPI ecosystem by processing 810.2 crore transactions in January 2025, capturing over 48 per cent of the total UPI transactions for the month.
Google Pay secured the second spot with a 36.91 per cent market share, while Paytm, led by Vijay Shekhar Sharma, remained in third place. However, Paytm’s share in UPI transactions continued to decline, falling to 6.87 per cent in January from 6.97 per cent in December 2024 and 7.03 per cent in November 2024.
Meanwhile, the National Payments Corporation of India (NPCI) extended the deadline for enforcing the 30 per cent market share cap on third-party app providers (TPAPs) like PhonePe and Google Pay by another two years in December 2024.
