Overview

• NPCI data show 18.68 billion UPI transactions in May worth ₹25.14 lakh crore, a 4% month-on-month increase and 33% year-on-year surge.
• UPI accounted for 83.7% of India’s digital payment volumes in FY 2024-25 as total digital transactions rose 35% to 221.9 billion.
• Currency in circulation climbed to a record ₹36.86 lakh crore at end-March, driven largely by precautionary hoarding since the pandemic.
• The ₹500 note remains dominant, representing 41% of banknotes by volume and 86% of value despite policy pushes for smaller denominations.
• The RBI plans to extend UPI services to 20 countries by 2028-29, with QR-code acceptance already live in seven international markets.