Maintaining the momentum since the first month of the year, Unified Payments Interface (UPI) recorded 21.7 Bn transactions worth INR 28.33 Lakh Cr in the month of January, marginally up from 21.6 Bn transactions worth INR INR 27.97 Lakh Cr recorded in the previous month — touching a fresh all-time high.
The daily average transactions during the month under review grew to 700 Mn from 698 Mn in the previous month, as per NPCI data. Meanwhile, the average daily transaction amount stood at INR 91,403 Cr in January.
UPI transactions soared to an all-time high of 22,000 Cr transactions worth INR 299.76 Lakh Cr last year. While PhonePe and Google Pay maintained their duopoly in the UPI market, 2025 also saw smaller UPI players like Navi,CRED and super.money record a rise in transactions and market share.
Earlier in January, Reserve Bank of India (RBI) deputy governor T Rabi Sankar said that UPI user base could potentially cross 100 Cr active users in the coming years, up from around 40 Cr today.
“The active users of UPI are about 400 Mn. We are targeting 1 Bn users. There is a lot of scope, there is a lot of distance that we need to travel,” he said during this year’s Global Inclusive Finance India Summit.
Important to mention that the UPI ecosystem is on an expansion path beyond India as of now. After introduction in several countries like Nepal, Qatar, Peru and Singapore in 2024, UPI was expanded to several Middle Eastern countries last year.
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