UPI Surges to ₹25 Lakh Crore in May: Sitharaman Hails India’s Cashless Economy Under Modi Govt
The Trending People | New Delhi | June 9, 2025 —Union Finance Minister Nirmala Sitharaman on Monday lauded India’s rapid digital transformation, stating that the country is witnessing a full-fledged cashless revolution, driven by innovations like the Unified Payments Interface (UPI). With over ₹70,000 crore in daily transactions and record-breaking volumes, digital payments have now become central to the Indian economy.
In a post on social media platform X, Sitharaman reflected on the transformational changes over the last 11 years under Prime Minister Narendra Modi’s leadership, describing it as a “decade of real and visible change.”
“India is embracing a cashless revolution. With ₹70,000 crore+ worth UPI transactions daily and 59.6 crore transactions in a single day, digital payments are now the norm,” she posted.
UPI Powers India’s Digital Leap
According to data from the National Payments Corporation of India (NPCI), UPI processed 18.68 billion transactions in May 2025, up from 17.89 billion in April. That’s a 33% increase compared to May 2024, when the system recorded 14.03 billion transactions.
In value terms, May's UPI transactions hit ₹25.14 lakh crore, marking a 5% month-on-month rise and a 23% year-on-year surge. April 2025 had seen transactions worth ₹23.95 lakh crore, while May 2024 stood at ₹20.45 lakh crore.
On average, India witnessed:
- 602 million UPI transactions per day
- ₹81,106 crore in daily UPI value
A Decade of Digital Growth
Sitharaman said the digital revolution under PM Modi’s governance has fundamentally transformed both citizens’ lives and the ease of doing business.
“From making life easier for the common citizen to boosting business confidence, it’s been a decade of real and visible change,” she said.
She added that India today stands not just as the world’s fastest-growing major economy, but also as a global voice on digital innovation and pressing challenges like climate change.
UPI’s Dominance Strengthens
UPI’s share in India’s total digital transaction volume surged to 83.7% in FY25, up from 79.7% in FY24, reinforcing its dominance in the country’s rapidly evolving payments ecosystem.
As per the Reserve Bank of India’s (RBI) annual report, UPI:
- Facilitated 185.8 billion transactions in FY25, a 41% YoY increase
- Processed transaction value worth ₹261 lakh crore, up from ₹200 lakh crore in FY24
These figures underline the structural shift in how Indians pay, shop, and transfer money — with UPI now deeply embedded in daily financial behavior across urban and rural India.
A Model for the World
India’s fintech journey is now seen as a global model. UPI has been adopted or explored by several countries, including Singapore, France, UAE, Bhutan, and Sri Lanka, through cross-border payment linkages. More countries are expected to follow suit.
In recent international fora, such as the G20 and World Economic Forum, Indian digital infrastructure has been hailed for its affordability, scale, and interoperability.
The Road Ahead
With the government continuing to back digital public infrastructure (DPI), analysts expect UPI to cross ₹300 lakh crore in annual value by FY26. NPCI is also reportedly working on UPI Lite, Credit on UPI, and offline payment modes to ensure deeper penetration into semi-urban and remote regions.
While challenges like digital fraud, rural connectivity, and user literacy remain, India’s overall momentum toward a cashless economy is now unmistakable — and irreversible.