UPI hits new record with 24.51 Bn transactions in August

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Unified Payments Interface (UPI) posted its highest ever monthly transaction volume in August 2026, with 24.51 billion transactions worth Rs 29.82 lakh crore, according to data released by the National Payments Corporation of India (NPCI).
The August numbers surpassed July’s 23.66 billion transactions. However, transaction value declined marginally from Rs 29.88 lakh crore in July.
On a daily basis, UPI processed 791 million transactions, while the average daily transaction value stood at Rs 96,205 crore.
Compared to July, transaction volume increased 3.6% from 23.66 billion, while transaction value declined 0.2% from Rs 29.88 lakh crore. On a year-on-year basis, transaction volume grew 22%, while transaction value increased 20%.
UPI crossed the 23 billion monthly transaction mark for the first time in May and has continued to see strong growth in subsequent months.
As of July, Walmart-backed digital payments platform PhonePe retained its lead in the UPI ecosystem with 10.86 billion transactions, followed by Google Pay with 7.65 billion and Paytm with 1.90 billion transactions. PhonePe, Google Pay and Paytm accounted for 45.89%, 32.33% and 8.05% of UPI transaction volume, respectively. NPCI is yet to release the app-wise transaction data for August.
In August, discussions around the merchant discount rate (MDR) on UPI resurfaced after the government proposed changes to the Payment and Settlement Systems Act, 2007. The amendment gives the government flexibility to decide which electronic payment modes remain exempt from merchant charges. The government has clarified that consumers will not be charged for UPI transactions, while any future MDR would apply only to a limited set of merchant transactions.
Recently, the Maldives launched a real-time payment corridor with India, further expanding UPI’s global footprint. UPI merchant payments are now live in 10 international markets: Bhutan, Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Nepal, Qatar, Cambodia and the Maldives. Greece remains connected for person-to-person transfers, while Singapore and Nepal also support remittance linkages.

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