UPI transactions near record high at ₹29.8 lakh crore in August; volume hits new peak

Transactions through the Unified Payments Interface (UPI) stood at ₹29.82 lakh crore in August, remaining close to the record-high level recorded in May and July, according to data released by the National Payments Corporation of India (NPCI) on Tuesday.

Fresh record in volume terms

In volume terms, UPI transactions hit a fresh record of 24.51 billion in August, up from 23.66 billion in July. Transaction volume stood at 23.2 billion in May and 22.72 billion in June. The value of UPI transactions rose 20% year-on-year to ₹29.82 lakh crore in August from ₹24.85 lakh crore in the same month last year.

Transaction volume also increased 22% annually to 24.51 billion in August, compared with 19.63 billion a year earlier, NPCI data showed.

UPI expands global footprint

UPI is currently accepted in 11 countries, with Uzbekistan being the latest addition to the network. The other countries where UPI is accepted are Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, Cambodia, and Greece.

NPCI is an umbrella organisation for operating retail payment and settlement systems in India. It was established as an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA).

UPI, operated by NPCI, enables real-time payments between individuals as well as payments to merchants. Launched on August 25, 2016, UPI has mainly transformed India's digital payments ecosystem. The value of UPI transactions increased from ₹0.07 lakh crore in FY17 to around ₹314 lakh crore in FY26, representing more than a 4,000-fold increase over the past decade.

UPI marks a decade

UPI recently completed 10 years in India, having been launched on August 25, 2016, with 21 banks on the network. By July 2026, the number of live banks on the platform had increased to 741, underscoring the rapid expansion of the interoperable payment system across India's banking ecosystem.

UPI now accounts for 84% of India's digital payments, while its share of global real-time payment transaction volume stood at nearly 49% in 2025, according to the Finance Ministry. The growth has also been reflected in transaction values. Annual UPI transaction value rose from ₹0.07 lakh crore in FY17 to around ₹314 lakh crore in FY26, marking a more than 4,000-fold increase over the decade.