UPI transactions hit record 21.7 billion in January
What's the story
The Unified Payments Interface (UPI) has set a new record with 21.7 billion transactions worth ₹28.33 lakh crore in January 2026, according to data from the National Payments Corporation of India (NPCI). This is an increase over December's figures and marks a strong year-on-year growth of 28%. The average daily transaction count was 700 million for the month, up from December's average of 698 million.
Transaction growth
Year-on-year growth comparison
In November 2025, UPI had recorded 20.47 billion transactions worth ₹26.32 lakh crore. The year-on-year growth for January is impressive with a 28% increase in transaction volumes and a 21% rise in value terms. The average daily transaction value for January was ₹91,403 crore, up from December's ₹91,217 crore.
Market dominance
App-wise transaction volumes in December
While NPCI has yet to release app-wise data for January 2026, December's figures show PhonePe leading with 9.81 billion transactions, nearly 45% of total volumes and almost 49% of transaction value. Google Pay followed with 7.5 billion transactions while Paytm came third with 1.65 billion transactions. Other players like Navi, super.money and government-backed BHIM app also contributed to the growth in transaction volumes during the month.