UPI Transactions: Since people have got the option of UPI for payment, the luster of cash has dimmed a bit. It means that people don’t like to carry much cash in their pockets anymore because almost all payments are made through mobile. From small to large, almost all merchants offer a UPI payment facility, due to which the number of transactions in cash is continuously decreasing. At the same time, UPI transactions are increasing rapidly.
According to the National Payments Corporation of India (NPCI), the number of transactions based on the Unified Payment Interface is continuously increasing. In March, it registered an increase of 13.59% on a monthly basis, and thus it increased from 16.11 billion in February 2025 to 18.3 billion in March. The total value of UPI-based transactions in March stood at Rs 24.77 lakh crore. This figure is 12.79 percent higher than February’s Rs 21.96 lakh crore.
Also Read: UPI Security Warning: NPCI’s Guide To Prevent PAN 2.0 Fraud
According to NPCI data, the average UPI transaction value on a daily basis during this period was Rs 79,910 crore, which is 1.9 percent higher than February. While March recorded a 25% increase in UPI transaction value and a 36% increase in number on a year-on-year basis, this reflects the trust people have in digital payments.
At the same time, the new rules regarding UPI have come into effect from April 1. As per the new guidelines, the UPI ID associated with the inactive mobile number will also be deactivated. If a UPI user’s bank-registered mobile number is inactive for a long time, the user’s UPI ID will be unlinked, and he/she will not be able to use the UPI service.
The government is constantly making efforts to promote the digital economy, making payments through UPI simple and secure. India has left behind many countries in the world in terms of digital payments. PhonePe currently dominates India’s UPI market. Statistics from the National Payments Corporation of India show that in August last year, this company captured more than half of India’s UPI market. PhonePe is a platform owned by Walmart of America. It competes with Google Pay and Paytm. Paytm had a strong hold on the market till the Reserve Bank’s action, which later weakened.
Also Read: Tax Exemptions to UPI Changes: New Financial Rules Applicable from April 1, 2025
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