India's UPI payment system recorded 20.39 billion transactions in February, marking a 6% monthly decline from January's 21.70 billion. However, the dip reflects the calendar effect, as February had three fewer days than January. Transaction value fell 5% to ₹26.84 lakh crore from ₹28.33 lakh crore previously. Daily average transactions actually grew to 728 million from 700 million, while average daily transaction value increased to ₹95,865 crore from ₹91,403 crore. PhonePe maintains market leadership despite losing some share to competitors. Smaller players like BHIM, Navi, and super.money are gaining traction. The government is accelerating UPI adoption with ₹2,000 crore allocated in the 2026-27 budget, five times higher than the previous year's allocation, signaling strong commitment to digital payments expansion.
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