UPI sets new record with Rs 29.90 lakh crore worth of transactions in May

India’s Unified Payments Interface (UPI) recorded its highest-ever monthly transaction value and volume in May, with transactions worth Rs 29.90 lakh crore processed through the digital payments platform, according to data released by the National Payments Corporation of India (NPCI).

The platform handled a record 23.2 billion transactions during the month, marking a new high in volume terms.

NPCI data showed that the value of transactions stood at Rs 29.03 lakh crore in April, compared with Rs 25.14 lakh crore in the same month last year, registering annual growth of 19 per cent.

In volume terms, transactions rose 24 per cent year-on-year to 23.2 billion from 18.67 billion in the corresponding period. UPI had recorded 22.35 billion transactions in April 2026.

According to Cashfree Payments co-founder and CEO Akash Sinha, the latest figures reflect continued growth in digital payments driven by consumer demand.

“May’s numbers reflect strong organic demand. Summer travel, IPL 2026, and seasonal consumer spending drove 23.20 billion transactions worth Rs 29.90 lakh crore during the month, which is a healthy month-on-month recovery and a continuation of UPI’s steady upward trajectory.”

Sinha said data from the RBI’s Payments Systems Report indicates that the average UPI ticket size has declined from Rs 1,848 in 2021 to Rs 1,313 in 2025, which he described as a sign of a growing payments ecosystem.

“The next growth frontier will be additive to all of this. Credit-on-UPI is still in early innings and represents a significant new volume pool. Cross-border UPI is live in over eight countries and expanding, bringing a whole new transaction category onto the rails,” he added.

UPI is already live in seven countries, including United Arab Emirates, Singapore, Bhutan, Nepal and Mauritius.

NPCI, an initiative of the Reserve Bank of India and the Indian Banks’ Association, serves as the umbrella organisation for operating retail payments and settlement systems in India.

The organisation operates UPI, which enables real-time digital payments between individuals and merchants for purchases and money transfers.