UPI Records All-Time High of 19.47 Billion Monthly Transactions in July 2025

The Unified Payments Interface (UPI), India’s flagship digital payments system, has set a new benchmark in July 2025 by recording an all-time high of 19.47 billion transactions, as per data released by the National Payments Corporation of India (NPCI). The total value of these transactions amounted to an unprecedented ₹25.08 lakh crore, signaling the unstoppable rise of digital payment adoption in India.

Steady Growth from Previous Month

Monthly Increase Reflects Surge in UPI Adoption

The July 2025 figures represent a 5.8% increase in transaction volume and a 4.3% jump in transaction value compared to June 2025, when UPI processed 18.40 billion transactions worth ₹24.04 lakh crore.
Furthermore, the average daily transaction count in July rose to 628 million, underscoring UPI’s critical role in everyday payments across the nation.

Year-on-Year UPI Surge: A 35% Jump in Volume

Consistent Double-Digit Growth Reinforces UPI’s Dominance

On a year-on-year basis, UPI transaction volumes saw a 35% increase, while transaction value witnessed a 22% growth compared to July 2024. These figures reflect UPI’s rapid integration into India’s payment ecosystem — from metros to rural areas, and from individual users to microenterprises.

NPCI Highlights July’s Record Performance

Official Announcement on X (formerly Twitter)

The National Payments Corporation of India (NPCI) officially announced the milestone via its X (formerly Twitter) handle, celebrating UPI’s growing impact on India's fintech landscape. However, app-wise market share data for July is still awaited.

June 2025 App-Wise Breakdown

PhonePe, Google Pay, and Paytm Lead UPI Race

While July data is pending, the June 2025 UPI market share numbers revealed the following:

• PhonePe: 46.5% of total UPI transactions and nearly 50% of the transaction value

• Google Pay: 35.6% in transaction volume and 35% by value

• Paytm: 6.9% share in volume and 5.6% by value

These trends underscore the dominance of private players in India’s booming digital payments sector.

Industry Leaders Weigh In

More Users Shifting from Cash to Digital

Dilip Modi, Founder & CEO of Spice Money, shared his insights on UPI’s continued surge:

“The consistent rise indicates that more users, including small businesses and last-mile customers, are moving away from cash and adopting digital payments as part of daily transactions.”

UPI: The Backbone of India’s Digital Economy

Driving Peer-to-Peer and Merchant Payments Nationwide

Developed by the NPCI, UPI has become the most used digital payments platform in India, supporting peer-to-peer (P2P) and merchant (P2M) payments alike. Its seamless, interoperable infrastructure is not only helping financial inclusion but also transforming how transactions are carried out across sectors.

About National Payments Corporation of India (NPCI)

The National Payments Corporation of India (NPCI) is a pivotal and transformative institution in India's financial landscape. It serves as the umbrella organization for operating retail payment and settlement systems in the country. Established in 2008 as a "Not for Profit" company, NPCI is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007.

Its core mission is to provide a robust, secure, and efficient payment and settlement infrastructure for the entire banking system, promoting a cashless economy and fostering financial inclusion across the nation.

Key Functions and Objectives of NPCI

NPCI's functions are centered on revolutionizing India's payment ecosystem. Its key objectives include:

• Designing and Developing Payment Systems: NPCI is the architect behind many of India's most popular digital payment solutions, creating systems that are inter-operable, accessible, and affordable.

• Interbank Settlement: It acts as the central intermediary, facilitating the smooth and efficient settlement of interbank transactions, ensuring that funds are transferred securely between different financial entities.

• Promoting Financial Inclusion: A major focus of NPCI is to bring digital banking services to the unbanked and underserved populations, especially in rural areas, by leveraging technology to create simple and accessible payment methods.

• Ensuring Security and Innovation: The organization consistently works to strengthen the security of its platforms through measures like two-factor authentication and advanced encryption. It also drives innovation to adapt to the evolving needs of the digital economy.

Major Products and Initiatives of NPCI

NPCI is best known for a suite of products that have fundamentally changed how Indians transact. Some of its most significant initiatives include:

• Unified Payments Interface (UPI): Launched in 2016, UPI is a real-time payment system that allows users to instantly transfer money between bank accounts using a mobile phone. It has revolutionized peer-to-peer (P2P) and person-to-merchant (P2M) transactions, making digital payments simple and widespread. Its success has positioned India as a global leader in digital payments.

• RuPay: As India's own domestic card payment network, RuPay was developed by NPCI to provide a cost-effective alternative to international networks like Visa and Mastercard. It supports debit, credit, and prepaid cards and has been instrumental in the success of government schemes like the Pradhan Mantri Jan Dhan Yojana.

• Immediate Payment Service (IMPS): This service enables instant, 24/7 interbank electronic fund transfers through various channels like mobile, internet, and ATMs, making it a reliable option for quick money transfers.

• Bharat Bill Payment System (BBPS): A one-stop solution for all recurring bill payments, BBPS provides an interoperable platform for utility bills, loan repayments, insurance premiums, and more, offering consumers a convenient and secure way to manage their payments.

• Aadhaar-enabled Payment System (AePS): This bank-led model allows online financial transactions at Point of Sale (PoS) and Micro ATMs using a person's Aadhaar number and biometric authentication, proving crucial for financial inclusion in remote areas.

• National Financial Switch (NFS): As the largest network of shared Automated Teller Machines (ATMs) in India, NFS facilitates interoperable cash withdrawals and card-to-card fund transfers.

• National Electronic Toll Collection (NETC): This initiative introduced FASTag, an electronic toll collection system that uses Radio-Frequency Identification (RFID) technology to allow vehicles to pass through toll plazas without stopping, reducing congestion and fuel consumption.

• UPI Lite: A streamlined version of UPI, designed for small-value transactions that don't require an internet connection, further enhancing convenience.

• e-RUPI: A contactless digital payment solution in the form of a QR code or SMS string, which is an e-voucher that can be redeemed without a physical card, digital app, or internet banking access.