By:- Dilip Modi, Founder & CEO of Spice Money
“The continued surge in UPI transactions to a record ₹29.53 lakh crore in March underscores how deeply digital payments are now embedded in India’s economic fabric. Fuelled by festive demand and year-end financial activity, this growth is not just a seasonal spike but a reflection of sustained behavioural change across both urban and rural India. A 19% rise in value and 24% growth in volume year-on-year signal increasing trust, frequency, and diversity of use cases on the platform.
What is particularly noteworthy is UPI’s dominance, now accounting for 85% of all digital transactions in the country and nearly half of global real-time payments. This positions India as a global benchmark for scalable, inclusive fintech innovation.
At Spice Money, we see this momentum strongly mirrored in Bharat, where assisted digital models continue to bridge access and awareness gaps. UPI has evolved beyond peer-to-peer payments to become a foundational layer enabling micro-transactions, merchant payments, assisted payments, and UPI cash withdrawals, strengthening trust and driving deeper financial inclusion across underserved regions.
As we move ahead, the focus must shift from access to meaningful usage, leveraging AI and data to create more contextual, secure, and inclusive financial experiences for the next wave of users.“
