India merchant payments rise 19.6% to ₹11.7L/cr as UPI dominates
Business
India's digital payments scene just hit a new high: merchant transactions grew 19.6% year over year to ₹11.7 lakh crore in July 2026.
UPI totally dominated, handling 77.3% of all person-to-merchant payments, up from last year's 74.9%.
That's a clear sign more people are choosing quick, direct bank transfers over other options.
Credit 17.7% debit 3.2% merchant share
With UPI, credit card usage dropped to 17.7%, and debit cards fell even further to just 3.2%.
The shift is clear: UPI is becoming the default payment rail, with growing share and ease of use.