UPI transactions hit ₹29.88 lakh crore in July, volumes up 22% year-on-year
Synopsis
UPI processed 23.66 billion transactions worth ₹29.88 lakh crore in July 2025 alone — a 22% volume surge in a single year. With daily averages crossing 763 million transactions and the platform now live in over eight countries, India's payments infrastructure is no longer just a domestic success story; it is becoming a global export.
Key Takeaways
UPI recorded 23.66 billion transactions in July 2025 , up 22% year-on-year .
Total transaction value reached ₹29.88 lakh crore , a 19% year-on-year increase.
Daily average volumes stood at 763 million transactions , with daily value at ₹96,383 crore .
UPI transaction volumes have grown from 4,595.61 crore in FY2021-22 to 18,586.60 crore in FY2024-25 .
UPI is now live in more than eight countries , including the UAE , Singapore , France , Mauritius , and Sri Lanka .
NPCI International Payments Ltd. (NIPL) , established in April 2020 , is driving UPI's cross-border expansion.
The Unified Payments Interface (UPI) recorded 23.66 billion transactions in July 2025, a 22% year-on-year rise, while the total transaction value climbed 19% to ₹29.88 lakh crore, according to data released by the National Payments Corporation of India (NPCI) on Saturday, 1 August. The figures reinforce UPI's position as the backbone of India's retail payment infrastructure.
Daily Transaction Volumes
On a daily average basis, UPI processed approximately 763 million transactions in July, with an average daily value of around ₹96,383 crore. This compares with 757 million daily transactions in June 2025, when monthly volumes reached 22.72 billion — a 23% year-on-year rise — and total value stood at ₹28.92 lakh crore, up 20%.
Five-Year Growth Trajectory
The scale of UPI's expansion over the past five financial years is striking. In FY2021-22, the platform processed 4,595.61 crore transactions worth ₹84.16 lakh crore. By FY2022-23, that had risen to 8,371.44 crore transactions valued at ₹1,39,15 lakh crore. FY2023-24 saw volumes reach 13,112.95 crore with a value of ₹1,99,95 lakh crore, and FY2024-25 recorded 18,586.60 crore transactions worth ₹2,60,56 lakh crore. Minister of State for Finance Pankaj Chaudhary shared these figures in a written reply in the Lok Sabha last month.
Global Expansion of UPI
Beyond domestic growth, NPCI International Payments Ltd. (NIPL) — a wholly-owned subsidiary of NPCI established in April 2020 — is actively extending India's digital payments footprint overseas. The subsidiary partners with foreign entities to deploy UPI and the RuPay card scheme in international markets, enabling Indian tourists and the diaspora to make seamless cross-border payments.
UPI is currently live in more than eight countries, including the UAE, Singapore, France, Mauritius, and Sri Lanka. These deployments also help partner nations build UPI-like real-time payment systems and domestic card infrastructure modelled on RuPay.
What This Means for India's Fintech Standing
India's digital payments volume now rivals — and in several metrics surpasses — major global economies. The consistent double-digit year-on-year growth in both volume and value signals deepening penetration beyond metro centres. Notably, the value growth rate (19%) trailing volume growth (22%) suggests that smaller-ticket, high-frequency transactions — everyday retail, transit, and utility payments — are increasingly driving the platform's reach. With NIPL accelerating international partnerships, UPI's global ambitions are moving from pilot to mainstream.
Point of View
But the more telling signal is in the spread: value growth (19%) is running below volume growth (22%), which means UPI's incremental users are transacting in smaller amounts — a sign of genuine grassroots penetration, not just urban power-user intensity. That is structurally positive for financial inclusion but raises a question about average transaction economics for the banks and fintechs riding the platform. Internationally, NIPL's eight-country rollout is a diplomatic and commercial win, but real scale will depend on whether partner countries allow UPI to compete with their own domestic payment rails rather than merely serve the Indian diaspora.
NationPress
1 Aug 2026
Frequently Asked Questions
How many UPI transactions were recorded in July 2025?
UPI recorded 23.66 billion transactions in July 2025, a 22% increase year-on-year, according to NPCI data released on 1 August. The daily average stood at approximately 763 million transactions.
What was the total value of UPI transactions in July 2025?
The total value of UPI transactions in July 2025 was ₹29.88 lakh crore, up 19% compared to the same month the previous year. The average daily transaction value was around ₹96,383 crore.
How has UPI grown over the past five years?
UPI volumes have grown from 4,595.61 crore transactions in FY2021-22 to 18,586.60 crore in FY2024-25, with transaction value rising from ₹84.16 lakh crore to ₹2,60,56 lakh crore over the same period, as stated by Minister of State for Finance Pankaj Chaudhary in Parliament.
In which countries is UPI currently available?
UPI is live in more than eight countries as of 2025, including the UAE, Singapore, France, Mauritius, and Sri Lanka. The international rollout is managed by NPCI International Payments Ltd. (NIPL), a wholly-owned NPCI subsidiary established in April 2020.
Why is value growth lower than volume growth for UPI?
UPI's transaction value grew 19% in July while volume grew 22%, suggesting that smaller-ticket everyday payments — such as retail, transit, and utility bills — are increasingly driving adoption. This points to deeper penetration among lower-income and semi-urban users making frequent, low-value transactions.
