Cash no more? Why UPI powers nearly 9 out of 10 retail payments in India
UPI transactions hit a record high in May 2026, with the National Payments Corporation of India (NPCI) reporting 23.2 billion transactions worth Rs 29.90 lakh crore, up 24 % and 19 % respectively on an annual basis, because of summer travel, IPL 2026, and seasonal consumer spending, as per PTI. The April figures stood at 22.35 billion transactions valued at Rs 29.03 lakh crore.
Looking at the bigger picture, India processed over 200 billion UPI transactions in 2025-26. UPI handled 24.16 billion transactions during the year, up 30% from 18.59 billion the year before.
