UPI Powers Cashless Revolution with Record-Breaking Growth: FM
- Rs 70,000+ crore worth UPI transactions daily, with 59.6 crore transactions in a single day.
- 18.68 billion transactions worth Rs 25.14 lakh crore, marking a 33% YoY increase.
- 83.7% share in digital payments; Rs 261 lakh crore transaction value in FY25, up 41% YoY.
Union Finance Minister Nirmala Sitharaman has highlighted India’s ongoing transformation into a cashless economy, driven by cutting-edge digital payment platforms such as the Unified Payments Interface (UPI). In a post on social media platform X, the minister emphasized the scale and speed of the digital revolution taking place under the leadership of Prime Minister Narendra Modi over the past 11 years.
“India is embracing a cashless revolution. With over Rs 70,000 crore worth of UPI transactions happening daily and 59.6 crore transactions recorded in a single day, digital payments are now the norm”, Sitharaman stated. She added that digital innovations have made life easier for citizens and enhanced business confidence, calling the last decade a period of 'real and visible change'.
According to data released by the National Payments Corporation of India (NPCI), UPI posted robust growth in May 2025 by processing 18.68 billion transactions, up from 17.89 billion in April. This marks a 33 percent year-on-year increase from 14.03 billion transactions in May last year.
The value of UPI transactions also saw a surge, rising to Rs 25.14 lakh crore in May 5 percent higher than Rs 23.95 lakh crore in April and a 23 percent jump from Rs 20.45 lakh crore in May 2024. The average daily transaction volume stood at 602 million, while the average daily value touched Rs 81,106 crore.
The Reserve Bank of India’s annual report noted that UPI facilitated 185.8 billion transactions in FY2024-25, a 41 percent increase year-on-year. In terms of value, UPI transactions reached Rs 261 lakh crore, up from Rs 200 lakh crore in FY2023-24. UPI's share in India’s digital payments volume rose to 83.7 percent in 2024-25, solidifying its position as the backbone of the country’s cashless economy.
