UPI and Mobile Banking Transactions
Between June 2022 and July 2025, UPI transaction volumes saw an extraordinary growth trajectory, rising from 17.4 billion in June 2022 to a peak of 54.97 billion in June 2025 before a sharp seasonal or systemic dip to 19.47 billion in July 2025. This growth reflects UPI’s dominance as the primary digital payment channel in India.
BHIM volumes, while much smaller in scale, remained relatively stable until FY 2023–24, after which they experienced a notable jump crossing 200 million in June 2025, due to deeper adoption of digital payments by merchants in India. USSD 2.0 transactions stayed minimal throughout, with a slight uptick in mid-2023 but continued decline thereafter, highlighting limited adoption of mobile banking via USSD (phone banking service of NPCI).
UPI excluding BHIM and USSD closely mirrored overall UPI growth, confirming that third-party apps such as PhonePe, Google Pay, and Paytm remain the main drivers of transaction volumes.
UPI’s sustained double-digit billion growth per quarter underscores its role as the backbone of India’s cashless economy, even as official apps like BHIM capture a modest share and USSD struggles to gain traction.
BHIM volumes, while much smaller in scale, remained relatively stable until FY 2023–24, after which they experienced a notable jump crossing 200 million in June 2025, due to deeper adoption of digital payments by merchants in India. USSD 2.0 transactions stayed minimal throughout, with a slight uptick in mid-2023 but continued decline thereafter, highlighting limited adoption of mobile banking via USSD (phone banking service of NPCI).
UPI excluding BHIM and USSD closely mirrored overall UPI growth, confirming that third-party apps such as PhonePe, Google Pay, and Paytm remain the main drivers of transaction volumes.
UPI’s sustained double-digit billion growth per quarter underscores its role as the backbone of India’s cashless economy, even as official apps like BHIM capture a modest share and USSD struggles to gain traction.
Monthly Trend of UPI
- UPI experienced monthly Volume of 2,163 Cr in Dec 2025, which translated into INR 28Lac Cr of transaction Value, which is roughly 1.2x that of Dec 2024.
- On a daily basis the, UPI infrastructure facilitates 70Cr transaction (averaged over a month) amounting to INR 90k Cr of Transaction Value.
| UPI Monthly Trend | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Volume (In Cr) | 1,389 | 1,444 | 1,496 | 1,504 | 1,658 | 1,548 | 1,673 | 1,700 | 1,611 | 1,830 | 1,789 | 1,868 | 1,840 | 1,947 | 2,001 | 1,963 | 2,070 | 2,047 | 2,163 |
| Avg. Daily Volume (In Cr) | 46 | 47 | 48 | 50 | 53 | 52 | 54 | 55 | 58 | 59 | 60 | 60 | 61 | 63 | 65 | 65 | 67 | 68 | 70 |
| Value (In Cr) | 20,07,081 | 20,64,292 | 20,60,736 | 20,63,995 | 23,49,821 | 21,55,187 | 23,24,700 | 23,48,037 | 21,96,482 | 24,77,222 | 23,94,926 | 25,14,297 | 24,03,931 | 25,08,498 | 24,85,473 | 24,89,737 | 27,27,791 | 26,31,633 | 27,96,713 |
| Avg. Daily Value (In Cr) | 66,903 | 66,590 | 66,475 | 68,800 | 75,801 | 71,840 | 74,990 | 75,743 | 78,446 | 79,910 | 79,831 | 81,106 | 80,131 | 80,919 | 80,177 | 82,991 | 87,993 | 87,721 | 90,217 |
Units: Cr
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