Analysis of UPI Transaction Trends and Insights

This technical report presents an analysis of UPI transaction trends in India, highlighting significant growth in both value and volume. The report details that in 2025, the average daily transaction value rose from Rs 75,743 crore in January to Rs 90,446 crore by August. It identifies SBI as the leading remitter with 5.2 billion transactions, significantly outpacing other banks. The report also discusses the distribution of UPI transactions across various states, with Maharashtra leading at 9.8% share in July 2025. It notes a substantial increase in P2M transactions, which grew from approximately 13% of total value transactions in June 2020 to around 29% by July 2025. The report emphasizes the need for enhanced merchant category classifications, as current data from NPCI covers only 29 out of nearly 300 major merchant category codes. The findings indicate a shift from cash to digital payments, underscoring the growing importance of UPI in India's financial ecosystem.