India’s digital payment ecosystem continues to soar as Unified Payments Interface (UPI) set a new benchmark in May, registering its highest-ever transaction value and volume in a single month. According to data released by the National Payments Corporation of India (NPCI) on Sunday, UPI transactions touched 18.68 billion in volume and crossed Rs 25.14 trillion in value for the first time.

For your reference, 1 trillion is equal to 1 lakh crore.

This milestone marked a month-on-month growth of 4 per cent in transaction volume and 5 per cent in value, up from 17.89 billion transactions worth Rs 23.95 trillion recorded in April. The year-on-year jump was equally impressive — a 33 per cent rise in volume and 23 per cent increase in value compared to May 2024.

The previous peak was in March 2025, when the UPI system processed 18.3 billion transactions worth Rs 24.77 trillion.

IMPS and FASTag Maintain Upward Momentum

Other digital payment modes also reported healthy growth in May. The Immediate Payment Service (IMPS) registered 464 million transactions, a 3 per cent increase from April's 449 million. The total transaction value also rose by 3 per cent to Rs 6.41 trillion, up from Rs 6.22 trillion the previous month.

On a year-on-year basis, IMPS volume dipped 17 per cent, but value saw a 6 per cent increase. Daily IMPS transactions remained relatively stable, slipping marginally from 14.98 million to 14.96 million, with a corresponding dip in daily value from Rs 20,722 crore to Rs 20,673 crore.

FASTag usage also saw a steady rise, with 404 million toll payments processed in May, 5 per cent higher than April’s 383 million. The value of these transactions climbed to Rs 7,087 crore — a 4 per cent increase. Compared to May last year, this marks a 16 per cent growth in volume and a 20 per cent jump in value. Daily FASTag transactions rose to 13.05 million from 12.75 million, with the daily value touching Rs 229 crore.

AePS Sees Double-Digit Growth

The Aadhaar Enabled Payment System (AePS) also contributed significantly to the month’s digital finance activity. AePS recorded 105 million transactions in May, reflecting an 11 per cent month-on-month increase from April’s 95 million. The total value of these transactions grew by 8 per cent to Rs 28,703 crore.

On the daily front, AePS transactions averaged 3.37 million in volume and Rs 926 crore in value, up from 3.18 million and Rs 887 crore in April, respectively. Year-on-year, AePS activity saw a robust increase of 16 per cent in volume and 23 per cent in transaction value.

As India continues its push for a less-cash economy, the consistent growth across UPI, IMPS, FASTag, and AePS highlights both increasing digital adoption and the infrastructure’s capacity to handle record volumes with ease.