Digital Gold via UPI Hits 254 Million Transactions in March, Value at ₹3,171 Crore

Digital Gold Purchases through UPI rose to 254.44 million transactions in March 2026, the highest monthly level so far, according to data from the National Payments Corporation of India (NPCI).  

This compares with 222.83 million transactions in February. The total transaction value for March stood at ₹3,171.96 crore. 

Value Below Earlier Peak 

Transaction value in March remained lower than the January 2026 level of ₹3,926.47 crore, which was the highest in the recent period. February recorded ₹3,032.41 crore.  

The divergence between rising volumes and fluctuating value indicates a change in transaction size over time. 

Smaller Ticket Purchases Gain Share 

Data shows a gradual shift towards lower-value, frequent purchases. Users are increasingly transacting in smaller amounts instead of making lump-sum investments. This trend has contributed to consistent growth in transaction volumes across months. 

Trend Through Late 2025 

The segment showed variation in late 2025. Transaction value stood at ₹2,290.36 crore in October during the festive period. This declined to ₹1,215.36 crore in November, despite an increase in volumes. The value recovered to ₹2,079.31 crore in December before reaching a peak in January. 

UPI Remains Dominant Channel 

UPI continues to account for over 90% of digital gold transactions in India. The product is available across multiple payment platforms, including Paytm, PhonePe, Google Pay, Amazon Pay, Indiagold and Jar. Access to small-denomination purchases has supported wider adoption. 

Regulatory Position Unchanged 

Digital gold products do not currently fall under a specific regulatory framework. The Securities and Exchange Board of India (SEBI) had indicated in November that these products are outside its regulatory scope. No further notification has been issued so far. 

Other UPI Spending Segments 

UPI transactions in March were led by consumption categories. Grocery and supermarket payments recorded 3,751 million transactions valued at ₹81,879 crore.  

Fast food outlets accounted for 1,474 million transactions (₹17,237 crore), while restaurants recorded 1,250 million transactions (₹20,784 crore).  

Fuel payments stood at ₹44,180 crore, and telecom services at ₹23,723 crore. 

Read More: Tata Trusts Plans Changes to Trustee Rules After Eligibility Dispute! 

Conclusion 

Digital gold transactions through UPI increased in volume in March, while overall transaction values showed variation across months. 

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