UPI Achieves Record Monthly Transactions

Unified Payments Interface (UPI) is celebrating a remarkable achievement with its highest monthly transaction volume ever recorded in July 2026. There were 23.66 billion transactions amounting to Rs 29.88 lakh crore, as revealed by data from the National Payments Corporation of India (NPCI). This impressive performance in July surpassed the earlier record of 23.20 billion transactions set just two months prior in May.

Despite the rise in transaction volume, the transaction value was slightly lower than the all-time peak of Rs 29.90 lakh crore that was noted in May. On an average day, UPI managed to process 763 million transactions, with a typical daily transaction value of Rs 96,383 crore.

Comparison with Previous Months

In terms of growth compared to June, UPI saw a 4.1% increase in transaction volume from 22.72 billion transactions and a 3.3% rise in transaction value from Rs 28.92 lakh crore. Observing trends on a year-on-year basis, transaction volume showcased an impressive growth of 22%, while transaction value marked a 19% increase.

Leading Players in the UPI Ecosystem

Historically, May was the first month when UPI surpassed the 23 billion transaction mark. As of June, the digital payments platform PhonePe, backed by Walmart, maintained its position as the leading player in the UPI ecosystem, processing 10.48 billion transactions. Google Pay and Paytm followed in second and third places, respectively. Additionally, WhatsApp outperformed CRED in terms of UPI transaction volume, processing 150.48 million transactions against CRED’s 141.78 million. The NPCI has yet to publish the app-specific transaction data for July.

UPI’s Global Expansion

Recently, the Maldives took a significant step in international payments by launching a real-time payment corridor with India, further enhancing UPI’s global reach. UPI merchant payments are now operational in ten international markets including Bhutan, Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Nepal, Qatar, Cambodia, and the Maldives. Greece has established connections for person-to-person transfers, while Singapore and Nepal are also facilitating remittance linkages.