UPI Transactions Reach Record 24.51 Billion in August with Value Approaching ₹30 Lakh Crore

Unified Payments Interface (UPI) transactions recorded significant growth in August, with volume touching a record 24.51 billion, according to data released by the National Payments Corporation of India (NPCI). The transaction value for the month rose 20 per cent year-on-year to reach ₹29.82 lakh crore.

The latest figures show an increase from the previous month, where transaction volume stood at 23.66 billion. Volume was recorded at 22.72 billion in June and 23.2 billion in May of this year. In terms of value, the ₹29.82 lakh crore recorded in August compares to ₹24.85 lakh crore in the same month a year ago, while annual volume rose by 22 per cent from 19.63 billion transactions in August of the previous year. UPI transaction values previously touched record-high levels of ₹29.9 lakh crore in May and July 2026.

NPCI, an umbrella organization for operating retail payments and settlement systems in India, is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA). It operates the UPI network for real-time payments between peers and merchants.

Industry participants noted that the growth in August was supported by festive activity, including Raksha Bandhan, which drove everyday peer-to-peer transfers and small-ticket gifting. Reeju Datta, co-founder of Cashfree Payments, stated that consistent aggregate transaction values alongside growing volumes over the past three months demonstrate the expanding reach and depth of the UPI ecosystem, adding that the upcoming festive season presents an opportunity for further growth.

Deepak Chand Thakur, co-founder and CEO of Network People Services Technologies (NPST), noted that as the festive season approaches and new use cases such as credit on UPI begin to mature, continued investment in resilient infrastructure will be important for sustaining the digital payments sector.

In terms of international expansion, UPI is currently accepted in 11 countries following the addition of Uzbekistan as the latest entry. Other countries supporting UPI transactions include Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, Cambodia, and Greece.

Launched on August 25, 2016, UPI has recorded substantial long-term growth, with transaction values increasing from ₹0.07 lakh crore in fiscal year 2017 to approximately ₹314 lakh crore in fiscal year 2026.

"The consistent month-on-month growth in UPI transaction volumes and values highlights the deep integration of digital payments into everyday consumer behavior in India. With transaction values nearing ₹30 lakh crore and expanding international acceptance across 11 countries, the payments infrastructure is demonstrating robust scalability. As new offerings like credit on UPI mature and festive seasons approach, fintech startups and financial institutions must focus on building secure, reliable infrastructure to support sustained high-volume transactions." — Dr. Shishir Gupta, Founder & CEO, StartupLanes