Between 2021 and 2025, UPI’s transaction volume has more than quadrupled, while the total value of transactions has more than tripled.
This marked a sharp increase compared to the same period last year, when UPI recorded 15.48 billion transactions worth ₹21.55 lakh crore in November 2024. The steady year-on-year (YoY) growth shows how digital payments have become deeply entrenched in India’s daily lives.
The latest figures show that UPI’s transaction volume grew by around 23 percent in November 2025 compared to November 2024, while transaction value increased by almost 14 percent. Compared to November 2023, growth appears even stronger. UPI transactions have increased by almost 70 percent in volume and over 41 percent in value in just two years.
NPCI data also shows a consistent increase over the past five years. In November 2021, UPI recorded only 4.18 billion transactions worth Rs 7.68 lakh crore, and by November 2022, the figures had almost doubled. Since then, the system has seen an upward trend, underscoring India’s rapid shift from cash to digital payment methods.
The five-year trend provides a clear picture of this transformation. Between 2021 and 2025, UPI’s transaction volume has more than quadrupled, while the total value of transactions has more than tripled. This remarkable increase underlines the platform’s role as the backbone of India’s digital payments ecosystem.
For the financial year 2025-26, UPI has processed 12.41 billion transactions so far, with an average daily volume of 689.60 million and an average daily value of ₹91,324.77 crore. In comparison, during the corresponding period in 2024-25, the average daily volume was 516.07 million and the average daily value was ₹71,839.58 crore, reflecting a marked increase in both the number and size of transactions.
This consistent growth can be attributed to the increasing penetration of smartphones, simplified payment interfaces and the widespread adoption of QR-based payments by both small and large merchants.
Published on November 30, 2025
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