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

Summer travel and IPL excitement pushed transactions through the popular Unified Payments Interface (UPI) to a record high of Rs 29.90 lakh crore and Rs 23.2 billion in value and volume respectively in May, according to data released by the National Payments Corporation of India.

The National Payments Corporation of India (NPCI) said the value of transactions stood at ₹29.03 lakh crore in April, compared to ₹25.14 lakh crore in the same month in the previous year, registering a growth of 19% on a year-on-year basis.

In terms of volume, it set a new record with 23.2 billion transactions during the month; This figure increased by 24% from 18.67 billion in the corresponding period.

In terms of volume, UPI transactions were recorded at 22.35 billion in April 2026.

According to Cashfree Payments co-founder and CEO Akash Sinha, May numbers reflect strong organic demand. Summer travel, IPL 2026 and seasonal consumer spending accounted for 23.20 billion transactions worth ₹29.90 lakh crore during the month; This is a healthy monthly recovery and a continuation of UPI’s steady uptrend.

RBI’s Payment Systems Report shows UPI’s average ticket size falling from ₹1,848 in 2021 to ₹1,313 in 2025, it added, adding that this is not a concern but a sign of a maturing ecosystem.

“The next growth frontier will add to all of this. UPI Credit is still in its infancy and represents a significant pool of new volume. Cross-border UPI is live in more than eight countries and is expanding, bringing an entirely new category of transactions to the rails,” he added.

UPI is currently present in seven countries, including the UAE, Singapore, Bhutan, Nepal and Mauritius.

NPCI, an initiative of the Reserve Bank of India (RBI) and the Indian Banks Association, is an umbrella organization for operating retail payments and payment systems in India (IBA).

It runs UPI, which is used for real-time payments between peers or when merchants make purchases.