UPI sets all-time high with 19.47 Bn transactions in July

Unified Payments Interface (UPI) processed an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore in July, according to data release by National Payments Corporation of India (NPCI). This marked a 5.8% rise in transaction volume and a 4.3% increase in value compared to June 2025, when UPI logged 18.40 billion transactions totaling Rs 24.04 lakh crore.

The average daily transaction count also pushed higher to 628 million in July.

Year-on-year, UPI maintained its strong growth momentum, with the transaction volume in July 2025 rising by 35% and the total value of transactions increasing by 22% compared to July 2024.

While the breakdown numbers for UPI apps are yet to be released, PhonePe accounted for 46.5% of the total UPI volume and nearly 50% of the value as of June. Google Pay captured a 35.6% share by volume and 35% by value, while Paytm remained in third place with 6.9% of the total UPI volume and 5.6% of the value.

UPI is live in countries like Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. NPCI plans further expansion to Qatar, Thailand, Malaysia, and other Southeast Asian nations. The UK, Oman, Maldives, and Namibia are also exploring or initiating UPI integration.

According to TheHeadandTale report, ICICI Bank has started charging payment aggregators and large merchants a fee for UPI transactions, breaking the zero-fee model. This move marks a shift in India’s UPI system, which was previously free for merchants under a government-backed policy.