Digital gold purchases through UPI continued their strong momentum in March 2026, with transactions reaching a record 254.44 million, while total transaction value stood at ₹3,171.96 crore, according to data from NPCI.
Although the value was lower than the January peak of ₹3,926.47 crore, transaction volumes hit their highest ever level, indicating growing adoption.
UPI has emerged as the dominant channel for digital gold purchases, accounting for over 90% of total transactions. The category has expanded across platforms such as Paytm, PhonePe, Jar, Amazon Pay, and Google Pay.
The data reflects a shift in consumer behaviour, with users increasingly opting for small ticket, frequent purchases instead of lump sum investments during festive periods.
The segment saw fluctuations in late 2025, with purchases at ₹2,290 crore in October, declining to ₹1,215 crore in November, before recovering to ₹2,079 crore in December and peaking in January.
On the regulatory front, Securities and Exchange Board of India has clarified that digital gold falls outside its purview, leaving the segment without a dedicated regulator despite rising volumes.
Other consumption driven categories dominated UPI usage in March. Groceries and supermarkets led with 3,751 million transactions worth ₹81,879 crore, followed by fast food, restaurants, fuel, and telecom services, all witnessing strong traction.
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