Unified Payments Interface (UPI) recorded its highest ever monthly transaction volume at 21.63 billion transactions in December 2025, marking a 29% year-on-year growth, according to data released by the National Payments Corporation of India (NPCI).
In value terms, UPI transactions stood at ₹27.97 lakh crore, underscoring the platform’s expanding role in India’s digital payments ecosystem. On an average, the system processed 698 million transactions per day, with a daily transaction value of ₹90,217 crore.
Strong Month-on-Month Growth
On a month-on-month basis, transaction volumes increased from 20.47 billion in November, while transaction value rose from ₹26.32 lakh crore. November had already reported robust growth of 32% year-on-year in volumes and 22% in value, with December surpassing all previous months in terms of transaction count.
The sustained momentum highlights UPI’s growing dominance as the preferred mode of payment for both consumers and merchants across India.
Everyday Spending Drives Adoption
UPI’s continued scale-up has been driven by strong adoption across daily consumer spends and merchant payments. Data from November showed higher transaction activity across categories such as groceries, food services, telecom and fuel, reflecting deeper penetration of digital payments in routine, low-value transactions.
Industry experts note that improved infrastructure, wider merchant acceptance and seamless interoperability have been key enablers of this growth.
App-Wise Data Awaited
App-wise transaction data for December is yet to be released. However, November figures showed PhonePe strengthening its leadership position, while Google Pay witnessed a marginal dip in market share. Paytm remained the third-largest UPI player, with smaller platforms such as Navi, super.money, CRED and BHIM steadily increasing their share of overall transaction volumes.
With UPI continuing to set new benchmarks, analysts expect digital payment volumes to remain on a strong growth trajectory, supported by rising smartphone penetration and the formalisation of everyday payments.
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