India’s digital payments network National Payments Corporation of India (NPCI) reported 20.39 billion Unified Payments Interface (UPI) transactions in February 2026, reflecting a decline from 21.70 billion transactions recorded in January.
Month-on-Month Dip, Year-on-Year Growth
The 6% sequential decline in transaction volume was largely attributed to February having fewer days compared to January. On a year-on-year basis, however, UPI volumes rose 27%, underscoring continued structural growth in digital payments adoption.
In value terms, UPI transactions amounted to ₹26.84 lakh crore in February, down 5.3% from ₹28.33 lakh crore in January. Compared with February last year, transaction value increased 22% YoY.
Daily Activity Remains Strong
Despite the overall monthly decline, average daily metrics showed improvement. The average daily transaction count rose to 728 million in February from 700 million in January. Meanwhile, average daily transaction value increased to ₹95,865 crore from ₹91,403 crore in the previous month.
For context, UPI processed 21.63 billion transactions worth ₹27.97 lakh crore in December 2025, making February relatively weaker than the preceding two months on both volume and value.
Market Share Snapshot
In January, PhonePe led the UPI ecosystem with a 45.7% share of transaction volume and 48.6% share by value among UPI apps. Google Pay held the second position with a 33.3% share by volume and 33.8% by value. Paytm ranked third, accounting for 7.7% of volume and 6.4% of value.
The detailed market share data for February is yet to be released.
The latest figures suggest that while monthly totals fluctuated due to calendar effects, India’s UPI ecosystem continues to witness strong daily engagement and sustained annual growth.
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