UPI sets new monthly record with 21.7 Bn transactions in January

Unified Payments Interface (UPI) sustained its growth momentum in January 2026 and recorded 21.7 billion transactions, compared to 21.63 billion transactions in December 2025, according to data released by the National Payments Corporation of India (NPCI).

On a year-on-year basis, UPI transaction volumes grew 28% in January, while transaction value increased 21% YoY. In value terms, UPI transactions stood at Rs 28.33 lakh crore, compared to Rs 27.97 lakh crore in December. The average daily transaction count was 700 million, versus 698 million in the previous month, while the average daily transaction value reached Rs 91,403 crore, compared to Rs 90,217 crore in December.

For comparison, UPI had processed 20.47 billion transactions worth Rs 26.32 lakh crore in November 2025.

While NPCI is yet to release app-wise data for January 2026, December figures show that PhonePe led the ecosystem with 9.81 billion transactions, accounting for around 45% of total volumes and nearly 49% of transaction value. Google Pay followed with 7.5 billion transactions, while Paytm ranked third with 1.65 billion transactions. Other players such as Navi, super.money and the government-backed BHIM app also contributed, with BHIM overtaking CRED in transaction volumes during the month.

Beyond India, UPI continues to expand internationally. The payments system is already live in markets such as Singapore, the UAE, Nepal, Bhutan, Sri Lanka, Mauritius and France, while NPCI works on further expansion to countries including the UK, Australia and select regions in Southeast Asia and the Middle East.