India’s retail payment infrastructure-the Unified Payments Interface (UPI) continued its rapid expansion in February with average daily transaction volumes rising to 728 million in February, the highest level since the platform’s launch.
Daily transaction value also climbed sharply, nearing the significant Rs one lakh crore mark. Data released by the
National Payments Corporation of India (NPCI) on Sunday showed that UPI recorded 20.39 billion transactions in February 2026, down from 21.70 billion transactions in January.
Despite the month-on-month decline, transaction volumes increased 27 per cent year-on-year. The sequential decline was mainly due to February having fewer days than January.