UPI transactions hit record high of ₹29.9 lakh cr in May

In May, heightened summer travel and excitement around the IPL drove Unified Payments Interface (UPI) transaction value to a record ₹29.90 lakh crore and volume to 23.2 billion, as reported by the National Payments Corporation of India.

NPCI reported that transaction value reached ₹29.03 lakh crore in April, up from ₹25.14 lakh crore a year earlier, marking a 19 % year‑on‑year increase.

Volume‑wise, the system logged a new high of 23.2 billion transactions, reflecting a 24 % rise from 18.67 billion in the same period last year.

In April 2026, UPI processed 22.35 billion transactions by volume.

Akash Sinha, co‑founder and CEO of Cashfree Payments, noted that May’s figures show robust organic demand, with summer travel, IPL 2026 and seasonal spending generating 23.2 billion transactions valued at ₹29.90 lakh crore—a solid month‑over‑month rebound and part of UPI’s ongoing growth trend.

He cited the RBI’s Payments Systems Report, which indicates that UPI’s average ticket size fell from ₹1,848 in 2021 to ₹1,313 in 2025, explaining that this decline reflects a maturing ecosystem rather than a problem.

“The next phase of growth will build on this foundation. Credit‑on‑UPI remains in its early stages and offers a substantial new volume opportunity, while cross‑border UPI, now operational in more than eight countries and expanding, introduces an entirely new transaction category,” he added.

UPI is currently active in seven nations, namely the UAE, Singapore, Bhutan, Nepal, and Mauritius.

NPCI, launched by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), serves as the umbrella body overseeing India’s retail payments and settlement infrastructure.

It operates the UPI platform that enables real‑time peer‑to‑peer and merchant payments.

Published on June 1, 2026