UPI scales new peak with record 23.66 billion transactions in July as smaller towns power growth
New Delhi: New Delhi: India’s Unified Payments Interface (UPI) recorded its highest-ever monthly transaction volume in July, processing 23.66 billion transactions worth ₹29.88 lakh crore, reflecting the continued expansion of the country’s digital payments ecosystem.
The Prime Minister’s Office said the latest figures underline the growing adoption of digital payments across Tier-2, Tier-3 and rural regions, with UPI continuing to strengthen its position at the centre of India’s digital economy.
Launched on April 11, 2016, UPI has completed a decade of operations and has grown into the world’s largest real-time payments platform. Today, it accounts for nearly half of global instant payment transactions while supporting financial inclusion and enabling seamless digital commerce across the country.
Compared with June, UPI transaction volumes rose 4.1 per cent from 22.72 billion, while the total transaction value increased 3.3 per cent from ₹28.92 lakh crore. On a year-on-year basis, transaction volumes were up 22 per cent and transaction value grew 19 per cent.
The July transaction count exceeded the previous monthly record of 23.20 billion transactions recorded in May this year. However, the transaction value remained marginally below the all-time high of ₹29.90 lakh crore achieved in May.
On average, the platform processed 763 million transactions every day during July, with average daily transaction value reaching ₹96,383 crore.
Industry observers attributed the sustained growth to rising everyday use of UPI rather than seasonal factors, indicating that digital payments have become a routine part of daily life for consumers across the country.
The expansion is also being driven by increasing adoption in smaller towns and rural markets, where UPI is now widely used for purchases at local shops, utility bill payments, mobile recharges and money transfers. Industry leaders believe the upcoming festive season could further accelerate digital payment usage, while emphasising the need to strengthen trust, awareness and ease of use at the grassroots to deepen financial inclusion.
As of June, PhonePe remained the largest UPI application with 10.48 billion transactions, followed by Google Pay and Paytm. WhatsApp had overtaken CRED in transaction volumes during the month. The National Payments Corporation of India is yet to release app-wise transaction data for July.
