UPI Surpasses 22 Billion Transactions Again in April

UPI Transactions Ease Slightly in April After Record March, Stay Above 22 Billion

National Payments Corporation of India data shows that the Unified Payments Interface (UPI) witnessed a marginal dip in April 2026 after hitting an all-time high in March, while continuing to sustain volumes above the 22 billion mark.

UPI processed 22.35 billion transactions worth ₹29.03 lakh crore in April. On a year-on-year basis, transaction volumes grew 25%, while transaction value rose 21%, underscoring the platform’s continued expansion.

On a daily run rate, UPI recorded an average of 745 million transactions per day, with an average daily transaction value of ₹96,766 crore, reflecting strong underlying usage despite the slight monthly decline.

The moderation follows a record-breaking March, when UPI clocked 22.64 billion transactions amounting to ₹29.53 lakh crore, the highest-ever monthly volume and value. The month-on-month dip is largely attributed to April having 30 days versus 31 days in March, indicating that the overall trajectory remains robust.

The growth trend over recent months highlights sustained momentum. UPI handled 20.39 billion transactions worth ₹26.84 lakh crore in February 2026, before surging to peak levels in March and easing marginally in April.

In terms of ecosystem dominance, March continued to be led by PhonePe and Google Pay. PhonePe crossed the 10 billion transaction mark for the first time, capturing around 45% market share, while Google Pay followed with approximately 7.5 billion transactions and 33% share. Paytm processed nearly 1.7 billion transactions, trailing with a significantly smaller share.

The concentration of market share among top players has raised concerns across the ecosystem. Smaller platforms including Amazon Pay, CRED, Navi, MobiKwik and others have recently engaged with NPCI, seeking measures to ensure a more level playing field and reduce market concentration risks.

While NPCI has released aggregate figures for April, app-wise transaction data for the month is yet to be disclosed.