UPI clocks record monthly volume as July transactions rise 4.1% to 23.66 bn | Finance News

Unified Payments Interface (UPI) transactions clocked their highest-ever monthly volume in July 2026, with 23.66 billion transactions worth ₹29.88 trillion, according to data shared by the National Payments Corporation of India (NPCI). Transaction volume rose 4.1 per cent and transaction value increased 3.3 per cent compared with June.

“July had none of those tailwinds, which means the growth is being driven purely by organic, everyday transaction behaviour rather than any seasonal or structural event,” said Reeju Datta, co-founder of Cashfree Payments.

Compared with the same period last year, transaction volume surged 22 per cent, while value rose 19 per cent.

“The more significant shift, however, is taking place beyond the metros. Across tier 2, tier 3 and rural markets, UPI is steadily moving from being an occasional alternative to becoming a part of everyday transactions. Consume₹are using it for local purchases, recharges, bill payments and money transfers, supported by growing familiarity, wider acceptance and trusted assistance within their communities,” said Anand Kumar Bajaj, founder, managing director and chief executive officer of PayNearby.

Immediate Payment Service (IMPS) transaction volume rose 3 per cent to 364 million in July, from 354 million in June and 358 million in May. In value terms, transactions increased by more than 5 per cent to ₹7.12 trillion from ₹6.77 trillion in June and ₹6.96 trillion in May. Compared with July last year, transaction volume declined 24 per cent, while value rose 13 per cent.

Under IMPS, the average daily transaction value rose to ₹22,958 crore in July from ₹22,551 crore in June. Daily transaction volume stood at 11.75 million, down from 11.8 million in June.

FASTag transactions declined 4 per cent to 347 million in July, from 362 million in June and 375 million in May. Transaction value fell marginally to ₹7,143 crore from ₹7,215 crore in June and ₹7,308 crore in May.

Average daily FASTag transaction volume declined to 11.21 million from 12.06 million in June and 12.1 million in May. The average daily transaction value also fell to ₹230 crore from ₹240 crore in June.

Aadhaar Enabled Payment System (AePS) transactions rose 3 per cent to 100 million in July, from 97 million in June and 88 million in May. Transaction value increased to ₹27,539 crore from ₹26,051 crore in June and ₹25,247 crore in May.