UPI (Unified Payments Interface), which has become the biggest name for digital payment in India, is once again in the headlines. In FY 2025 (FY25), UPI transactions recorded a 41% gains, which is a record in itself. But surprisingly, despite such fast growth, the target set by the government could not be met.
How much was the UPI transaction figure in FY25?
According to the latest data from the National Payments Corporation of India (NPCI), a total of 18.5 thousand crore UPI transactions were recorded in FY25. At the same time, the government had kept this year’s target 20 thousand crore transactions. That is, about 7.5% less than the target.
It had a total of 13.1 thousand crore transactions in FY24 last year. This means that the year from year to year was recorded by 41%, which clearly shows UPI’s growing popularity.
260 lakh crore transaction, 30% growth
On the other hand, if we talk about transactions, then a total transaction of Rs 260 lakh crore was done through UPI in FY25. Whereas in FY24 this figure was Rs 200 lakh crore. That is, the number of transactions may have increased by 41%, but the growth in the price was close to 30%.
This difference indicates that UPI is now becoming a major medium of big transactions, not only small transactions.
March 2025: Historic month for UPI
The month of March proved to be a record breaker for UPI. On March 1, for the first time, there was a transaction of more than Rs 1 lakh crore in a day. Statistics show that a transaction of Rs 1,01,628 crore in just 1 day was done with UPI-which is the highest record ever.
UPI’s grip on the entire digital payment ecosystem
In today’s time, UPI holds about 85% stake in digital payments. Whether it is a payment from a small retailer or a large corporate transactions – UPI is present at every level. Payment by scanning QR code has now become a normal habit in India.
Number of TPAP rises – increasing share in market
According to the NPCI website, since 2016, 40 companies have received approval as third-party application provider (TPAP). The special thing is that only 20 new companies were given TPAP approval in FY24, which suggests that the interest of new players in the market is also increasing rapidly.
Companies can provide UPI services directly to customers through TPAP approval. That is, with this approval, she can launch her own UPI app or integrate with a bank and become part of UPI transactions.
What was the plan of the government about UPI?
After the strong performance of FY24, the government took a major step for FY25. Announcing UPI subsidy of Rs 1500 crore, the government set a target of 20 thousand crore transactions. Its purpose was to promote UPI and promote widely adopting.
However, the actual figure stopped at 18.5 thousand crores, which is about 92.5% target – good performance, but slightly behind.
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