UPI Achieves Record Monthly Transactions in August 2026
Unified Payments Interface (UPI) has registered a remarkable milestone with its highest monthly transaction volume in August 2026, achieving 24.51 billion transactions valued at Rs 29.82 lakh crore, as reported by the National Payments Corporation of India (NPCI). The August figures have surpassed the previous month’s total of 23.66 billion transactions. However, there was a slight decrease in transaction value from Rs 29.88 lakh crore recorded in July.
Daily Transaction Statistics for UPI
In daily terms, UPI managed to process 791 million transactions, with the average transaction value amounting to Rs 96,205 crore. Compared to July’s figures, there was a rise of 3.6% in transaction volume from 23.66 billion, whereas the transaction value showed a modest decline of 0.2% from Rs 29.88 lakh crore. On a year-on-year comparison, the transaction volume saw a growth of 22%, along with a 20% increase in transaction value.
Leading Players in the UPI Market
UPI surpassed the significant 23 billion monthly transaction threshold for the first time in May and has maintained a strong growth trajectory in the following months. As of July, PhonePe, backed by Walmart, continued to lead the UPI space with 10.86 billion transactions. Google Pay followed with 7.65 billion transactions, while Paytm recorded 1.90 billion transactions. The shares of these platforms in UPI transaction volume were 45.89% for PhonePe, 32.33% for Google Pay, and 8.05% for Paytm. The NPCI has yet to unveil the app-specific transaction data for August.
MDR Discussions and Government Changes
In August, the debate surrounding the merchant discount rate (MDR) on UPI reignited as the government suggested modifications to the Payment and Settlement Systems Act of 2007. This amendment would provide the government with the ability to determine which electronic payment methods are exempt from merchant charges. Officials have confirmed that consumers will not incur charges for UPI transactions, and any potential future MDR would apply only to select merchant transactions.
UPI’s Global Expansion
Recently, the Maldives established a real-time payment corridor with India, which broadens UPI’s international reach. UPI merchant payments are presently operational in ten international locations: Bhutan, Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Nepal, Qatar, Cambodia, and the Maldives. Greece remains connected for peer-to-peer transfers, and both Singapore and Nepal facilitate remittance linkages.