UPI transaction value dips 3% to ₹23.9 trillion in April, volume dips 2%

Unified Payments Interface (UPI) transactions in April declined by 2 per cent to 17.89 billion, while the transaction value dropped by 3 per cent to ₹23.95 trillion, following a stellar performance in March 2025 driven by year-end sales.

In March, the transaction volume stood at 18.30 billion and the value at ₹24.77 trillion, reflecting increases of 14 per cent and 13 per cent, respectively, over February, according to data from the National Payments Corporation of India (NPCI). Notably, April 2025 figures were up 34 per cent in volume and 22 per cent in value compared to the same month last year.

“In May 2025, UPI transactions are expected to continue their upward trajectory, building on the remarkable momentum seen in previous months. Digital payments in India are not only growing — they’re becoming fundamental to everyday life,” said Kunal Jhunjhunwala, founder of airpay payment services. Interestingly, the number of daily transactions remained flat at 596 million, with a value of ₹79,831 crore, compared to 590 million and ₹79,910 crore in March.

Immediate Payment Service (IMPS) transactions also declined by 3 per cent to 449 million in April from 462 million in March. In February, the number stood at 405 million. In value terms, IMPS registered a 7 per cent drop to ₹6.22 trillion in April, compared to ₹6.68 trillion in March. February saw transactions worth ₹5.63 trillion.

“This steady growth reflects the nation’s accelerating transition to a cashless economy, fuelled by rising digital uptake in urban hubs and underserved areas. The general adoption of digital platforms democratises access to financial services and brings transparency, efficiency and empowerment to all levels of society,” Jhunjhunwala added.

The number of daily IMPS transactions in April rose to 14.98 million from 14.89 million in March. This translated to a value of ₹20,722 crore in April, compared to ₹21,542 crore in the previous month. Compared to April 2024, volume was down 18 per cent, while value rose by 5 per cent.

FASTag transactions rose marginally to 383 million in April 2025 from 379 million in March. The value also edged up to ₹6,801 crore from ₹6,800 crore. In February, there were 384 million transactions amounting to ₹6,601 crore. April’s figures reflected a 17 per cent rise in volume and a 22 per cent increase in value compared to April 2024. Daily transactions in April rose to 12.75 million, compared to 12.23 million in March and 13.71 million in February. Daily value also climbed to ₹227 crore from ₹219 crore in March.

Aadhaar Enabled Payment System (AePS) transactions dipped 16 per cent to 95 million in April from 113 million in March, but were nearly flat compared to February’s 94 million. In value terms, AePS recorded a 13 per cent decline to ₹26,618 crore in April, down from ₹30,539 crore in March. February’s value stood at ₹24,410 crore.

The number of daily AePS transactions in April was 3.18 million, compared to 3.65 million in March. Year-on-year, AePS transactions rose 2 per cent in volume and 6 per cent in value.