India’s digital payments network, Unified Payments Interface (UPI), experienced a decline in transaction volume in February 2026, recording 20.39 billion transactions compared to 21.70 billion in January, according to data from the National Payments Corporation of India (NPCI). Despite the month-over-month decrease, transaction volumes saw a 27% year-on-year increase. The lower number of days in February compared to January contributed to the sequential decline, while average daily transaction activity remained stable.
On the value side, UPI transactions amounted to Rs 26.84 lakh crore in February, down from Rs 28.33 lakh crore in January, indicating a 5.3% decrease. However, on an annual basis, transaction value showed a 22% year-on-year growth. The average daily transaction count in February rose to 728 million, surpassing January’s 700 million, with the average daily transaction value also increasing to Rs 95,865 crore from Rs 91,403 crore in the previous month.
In January, PhonePe led the UPI ecosystem with a 45.7% share of total volume and a 48.6% share by value among UPI apps, followed by Google Pay and Paytm. The breakup data for February is yet to be disclosed.
Source: Entrackr : Latest Posts