UPI posts record value, volume in May; value inches close to ₹30 trillion

Unified Payments Interface (UPI) transactions posted a record value and volume during May, with the value rising 3 per cent to ₹29.90 trillion from ₹29.03 trillion in April.

During the period under review, volume also grew to 23.20 billion, up 4 per cent from 22.35 billion in April, said data from the National Payments Corporation of India (NPCI).

This is the highest-ever volume and value clocked since UPI became operational in April 2016. “The more meaningful story is structural. The RBI's Payments Systems Report shows UPI's average ticket size has declined from ₹1,848 in 2021 to ₹1,313 in 2025. This is not a concern; it is a sign of a maturing ecosystem,” said Akash Sinha, co-founder and chief executive officer, Cashfree Payments.

The rise in May comes after volume dipped by 1.3 per cent and value by 1.7 per cent in April, mainly owing to a fall in the number of days. This was mainly due to the higher number of transactions in March owing to year-end.

Daily transactions in May also grew to 748 million compared to 745 million during the previous month.

“High-value transactions are increasingly being handled by credit cards, whose transaction value has grown from ₹8.9 trillion in 2021 to ₹23.2 trillion in 2025. UPI, meanwhile, has become the default rails for India's everyday economy, which includes payments to local merchants, transit, and quick commerce. Each instrument is finding its natural place in the stack,” Sinha added.

Immediate Payment Service (IMPS) transactions were down marginally in volume to 358 million compared to 362 million in April. In value terms, they were down to ₹6.96 trillion compared to ₹7.01 trillion in April. The number of daily transactions was down from 12.08 million in April to 11.55 million in May.

FASTag transactions moved up by 5 per cent to 375 million compared to 358 million in April. During the period under review, their value also increased by 4 per cent from ₹7,025 crore to ₹7,308 crore. The number of daily transactions was up to 12.10 million from 11.94 million during the previous month.

Aadhaar Enabled Payment System (AePS) transactions fell by 6 per cent to 88 million in May from 94 million in April. Its value also declined to ₹25,247 crore in May compared to ₹27,640 crore April.