India’s flagship digital payments platform, Unified Payments Interface (UPI), achieved a record-breaking 19.47 billion transactions worth ₹25.08 lakh crore in July 2025, as per the latest data from the National Payments Corporation of India (NPCI). This marks a 5.8% rise in volume and 4.3% increase in value over June’s 18.40 billion transactions totaling ₹24.04 lakh crore.
The average daily transaction count also hit a new high at 628 million, reflecting the continued momentum of digital payments in the country.
On a year-on-year basis, UPI recorded robust growth:
- 35% increase in transaction volume
- 22% surge in transaction value compared to July 2024
While the July app-wise breakdown is awaited, PhonePe led the market in June with a 46.5% share of volume and nearly 50% of value, followed by Google Pay (35.6% volume, 35% value), and Paytm (6.9% volume, 5.6% value).
UPI’s international footprint is also expanding, with the system now live in eight countries, including Singapore, UAE, France, and Mauritius. Upcoming launches are planned in Qatar, Malaysia, Thailand, and exploratory talks are ongoing with UK, Oman, Maldives, and Namibia.
In a notable development, ICICI Bank has started charging payment aggregators and large merchants for UPI transactions, signaling a potential shift from the long-standing zero-fee model that fueled widespread merchant adoption.
