UPI Transactions Soar to ₹28.33 Trillion in January: NPCI Data

Transactions on the Unified Payments Interface (UPI) rose to a record ₹28.33 trillion in January, according to data released by the National Payments Corporation of India (NPCI). Transaction volumes during the month reached 21.70 billion, the highest level recorded so far on the platform. 

In comparison, UPI transactions were valued at ₹27.97 trillion in December. On a month-on-month basis, the value of transactions increased by 21%, while transaction volumes also moved up from the previous month. 

Daily Transaction Levels 

January saw an average of about 700 million UPI transactions per day, marginally higher than the 698 million daily transactions recorded in December. The average daily transaction value stood at ₹91,403 crore, compared with ₹90,217 crore in the previous month. 

The data suggests a steady flow of transactions across the month, with no major deviation from December trends. 

Annual Growth Continues 

On a year-on-year basis, UPI transaction volumes increased by 28% in January, while transaction value rose 21%. December had recorded a 29% annual increase in volumes and a 20 % rise in value. 

Ramesh Narasimhan, Chief Executive Officer of Worldline India, said UPI usage in January was higher than in December, with year-on-year growth remaining intact. 

Merchant Payments and Ticket Sizes 

Person-to-merchant transactions continued to account for a larger share of overall activity than person-to-person transfers. Person-to-merchant transactions increased 35% to 37.46 billion, while person-to-person transactions rose 29% to 21.65 billion. 

The average ticket size declined to ₹1,262 from ₹1,363. This points to greater use of UPI for smaller-value payments such as transport, food, healthcare essentials and local retail purchases. 

Payments Data 

India had around 709 million active UPI QR codes, showing a 21% increase since July 2024. Separately, transactions through the Immediate Payment Service (IMPS) stood at ₹6.62 trillion in December, up from ₹6.15 trillion in November and marking a 10% year-on-year increase. 

Read More: EPFO 3.0 Launch Date and New Rules: Portal, UPI Withdrawal, Core Banking & AI Translation! 

Conclusion 

January’s data shows continued growth in UPI usage, supported by higher transaction volumes, wider merchant acceptance and increasing use for routine, low-value payments. 

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