India's Unified Payments Interface (UPI) recorded its record transaction volume in July 2026, processing 23.66 billion transactions worth Rs 29.88 lakh crore, according to NPCI data.

Key Highlights

• UPI processed 23.66 billion transactions worth Rs 29.88 lakh crore in July 2026, its highest-ever monthly volume.
• Transaction volume grew 22% year-on-year, while PhonePe retained its lead with 10.48 billion transactions in June.

The July figures surpassed the previous volume record of 23.20 billion transactions set in May this year. However, transaction value came in marginally below the all-time high of Rs 29.90 lakh crore, which was also recorded in May.

UPI Volume Growth Continues Month-on-Month and Year-on-Year

According to NPCI Data, UPI processed an average of 763 million transactions in July, with average daily transaction value standing at Rs 96,383 crore on a daily basis. Compared to June, transaction volume rose 4.1% from 22.72 billion, while transaction value increased 3.3% from Rs 28.92 lakh crore.

On a year-on-year basis, the growth was even more pronounced, with transaction volume up 22% and transaction value rising 19%. UPI had first crossed the 23-billion monthly transaction in May this year, and July's numbers confirm the platform's sustained upward trajectory.

As of June, Walmart-backed PhonePe continued to lead the UPI ecosystem with 10.48 billion transactions, followed by Google Pay and Paytm in the second and third positions, respectively. In a notable shift, WhatsApp overtook CRED in UPI transaction volume during June, processing 150.48 million transactions compared to CRED's 141.78 million. NPCI has not yet released app-wise transaction data for July.

Also Read: NPCI June UPI Data: WhatsApp Overtakes CRED while PhonePe Retains Lead

UPI's Global Footprint Continues to Expand

UPI's international expansion also gained further momentum recently, with the Maldives launching a real-time payment corridor with India. UPI merchant payments are now live across 10 international markets, including Bhutan, Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Nepal, Qatar, Cambodia and the Maldives.

Additionally, Greece remains connected for person-to-person transfers, while Singapore and Nepal also support remittance linkages, further strengthening UPI's position as a globally expanding digital payments infrastructure.