States covered: 35 states & union territories + UNCLASSIFIED#
Contents
1 National UPI OverviewPage 2
2 Bank Network Growth on UPIPage 3
3 State-wise Value Share vs Volume SharePage 4
4 Relative Ticket Size Index RankingPage 5
5 Ticket Size Index Trend by StatePage 6
Section 1
National UPI Overview
Transaction volume & value — 2016-17 to 2025-26
2 / 6
Volume 2025-26
240,161 Mn
+29.2% from 2024-25
Value 2025-26
₹312.0L Cr
+19.8% from 2024-25
Banks on UPI 2025-26
691
up from 48 in 2016-17
Insight: UPI transaction volume grew ~13,450× between 2016-17 and 2025-26, while value grew ~4,490× — reflecting rapid adoption of smaller everyday payments over large-value transfers.
Section 2
Bank Network Growth on UPI
Cumulative banks live on UPI — 2016-17 to 2025-26
3 / 6
Banks in 2016-17
48
at UPI launch
Banks in 2025-26
691
+643 over 9 years (14.4×)
Peak annual addition
+169
in 2023-24
Insight: The steepest growth phases (2017-18 and 2021-23) coincide with post-demonetisation digital push and COVID-era acceleration. Addition rate has decelerated sharply since 2024-25, indicating network saturation among major banks.
High-growth year (>80 new banks)Standard growth year
Bar height = cumulative banks on UPI that year.
Dark blue bars mark years where >80 banks were added — the two highest-acceleration phases.
Hover each bar for year-on-year addition count. Growth decelerated to only +23 banks in 2025-26 as most scheduled commercial banks are now on the network.
Section 3
State-wise Value Share vs Volume Share
Data taken from 2023-24 to 2025-26
Divergence between transaction frequency and transaction value
4 / 6
Insight: Maharashtra and Karnataka dominate both axes. Smaller north-eastern states cluster near the origin but sit well above the diagonal — indicating high relative ticket sizes despite low absolute volumes.
Above diagonal — value share > volume shareBelow diagonal — volume share > value share45° parity lineOutlier (>1 SD)
Above the diagonal — state's average UPI transaction value exceeds the national mean. Typical of commercial/urban-heavy economies.
Below the diagonal — high frequency relative to value; dominated by P2P and small retail payments.
Outliers (orange) deviate more than 1 SD from the mean Ticket Size Index.
Hover any point for state name, shares and index value.
Volume Share State's proportion of total UPI transactions nationally
Value Share State's proportion of total UPI transaction amount nationally
Relative Ticket Size Index Proxy for average transaction value relative to national average (= value share ÷ volume share)
Section 4
Relative Ticket Size Index Ranking
Data taken from 2023-24 to 2025-26
States ranked by value share ÷ volume share
5 / 6
Insight: Small north-eastern and union territory states (Manipur, Ladakh, Nagaland) consistently rank highest — they process fewer but higher-value UPI transactions. Large-volume states like Maharashtra show declining indices over time.
Top 3 — highest indexMid rangeStatistical outlierParity (index = 1.0)
Index = 1.0 means the state's average UPI transaction equals the national average.
Index > 1: Above-average transaction value — common in smaller states with fewer but larger transactions.
Index < 1: Below national average — large high-volume states where small P2P and retail payments dominate the mix.
The dashed line marks parity at 1.0.
Section 5
Ticket Size Index Trend by State
Multi-state comparison across 2023-24, 2024-25 and 2025-26
6 / 6
Insight: Most states show a sharp index rise in 2025-26, suggesting value growth is broadening geographically. UNCLASSIFIED# (dashed line) carries over 30% of national volume in 2024-25 — its index shift materially affects national averages.
Rising line — state's average UPI transaction value growing relative to national average.
Falling line — UPI mix shifting toward smaller, higher-frequency transactions.
UNCLASSIFIED# (dashed) represents transactions not mapped to a specific state; its large volume share makes its index analytically significant for national totals.
States crossing 1.0 upward signal a structural shift in payment behaviour.
Volume Share State's proportion of total UPI transactions nationally
Value Share State's proportion of total UPI transaction amount nationally
Relative Ticket Size Index Proxy for average transaction value relative to national average (= value share ÷ volume share)