UPI hits record 23.6B transactions in July
What's the story
India's Unified Payments Interface (UPI) has hit a new record, processing 23.66 billion transactions worth ₹29.88 lakh crore in July 2026. The data was released by the National Payments Corporation of India (NPCI). This is a major jump from June's figures of 22.72 billion transactions worth ₹28.92 lakh crore, and July's transaction volume also surpassed May's previous record of 23.20 billion transactions, though the value remained slightly below the May record of ₹29.90 lakh crore.
Daily metrics
YoY growth in transaction volume and value
In July, UPI averaged 763 million transactions per day with an average daily transaction value of ₹96,383 crore.
Compared to June, the transaction volume grew by 4.1% while the value increased by 3.3%.
Year-on-year (YoY), both metrics saw a significant rise with volumes increasing by 22% and values rising by 19%, respectively.
Market leaders
App-wise transaction data for July awaited
As of June, PhonePe led the UPI ecosystem with 10.48 billion transactions, followed by Google Pay and Paytm.
Notably, WhatsApp surpassed CRED in terms of transaction volume with 150.48 million transactions as opposed to CRED's 141.78 million.
The NPCI has not yet released app-wise transaction data for July, but these numbers highlight the growing dominance of certain players in India's digital payments space.
International growth
UPI's global expansion continues
The Maldives recently launched a real-time payment corridor with India, expanding UPI's global reach.
Currently, UPI merchant payments are operational in 10 countries: Bhutan, Singapore, UAE, France, Mauritius, Sri Lanka, Nepal, Qatar, Cambodia, and Maldives.
Greece is connected for person-to-person transfers while Singapore and Nepal support remittance linkages.
With the festive season starting in October, industry players expect further growth in UPI adoption and transaction volumes in the second half of 2026.