Digital payments network UPI recorded 20.39 billion transactions in February 2026, down from 21.70 billion transactions in January, according to data released by the National Payments Corporation of India (NPCI).
Despite the month-on-month decline, transaction volumes increased 27% year-on-year.
The sequential decline was mainly due to February having fewer days than January, while average daily transaction activity remained steady.
In value terms, UPI transactions stood at Rs 26.84 lakh crore in February, compared with Rs 28.33 lakh crore in January….

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