The Unified Payments Interface (UPI) recorded 18.30 bn transactions in March, up from 16.11 bn transactions in February. As per the data published by NPCI, it shows a growth of 13.6% month-on-month and 36% year-on-year.

For the first time, UPI crossed 18 billion transaction volume per month. In March, the total transaction amount increased by about 12.80 per cent to Rs 24.77 lakh crore, from Rs 21.96 lakh crore in February.

The number of average daily transactions rose from 575 million in February to 590 million in March. The amount of average daily transactions in March increased to Rs 79,910 crore from Rs 78,446 crore in February.

Several factors have contributed to this growth, including the widespread adoption of UPI by merchants across sectors, government initiatives promoting digital transactions, and increased consumer awareness and convenience.

While the top three UPI apps - PhonePe, Google Pay, and Paytm - dominated the market until February, Flipkart's Super. Money entered the top five for the first time.