India’s Unified Payments Interface (UPI) continued its upward trajectory in July, clocking its highest-ever monthly transaction value. According to data released by the National Payments Corporation of India (NPCI), the platform touched a new peak in transaction volumes, while the value of transactions reached Rs 29.88 lakh crore in July.The platform processed 23.66 billion transactions during the month, exceeding the 22.72 billion recorded in June and the previous high of 23.2 billion in May. On an annual basis, the value of UPI transactions rose 19% from Rs 25.08 lakh crore in July last year to Rs 29.88 lakh crore this year.The latest figures indicate sustained growth in the use of UPI for digital payments. While transaction volumes stood at 22.72 billion in June, they rose to 23.66 billion in July. Earlier, May had recorded 23.2 billion transactions.The July transaction value also surpassed the record level seen in May 2026, when UPI transactions had touched Rs 29.9 lakh crore.

Stronger digital payment ecosystem

Reacting to the latest data, PayNearby managing director and chief executive officer Anand Kumar Bajaj said, “UPI continues to strengthen the foundation of India’s digital payments ecosystem. In July 2026, it processed 23.66 billion transactions worth Rs 29.88 lakh crore, reaffirming its role as the preferred mode of payment for millions of Indians.”He said the next phase of growth should focus on increasing confidence and accessibility among users across the country.“As UPI adoption deepens, the focus must remain on building trust, awareness and ease of usage at the grassroots, ” he said, adding that strengthening these foundations will be essential to ensuring that the growth of digital payments translates into wider and more meaningful financial inclusion across Bharat.

UPI expands its global footprint

UPI is now operational in about 10 countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar.According to the inputs, the platform’s growing international adoption is boosting remittances, promoting financial inclusion and strengthening India’s position in the global fintech landscape.The National Payments Corporation of India (NPCI), an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), is the umbrella organisation for operating retail payments and settlement systems in the country.It operates UPI, which enables real-time payments between individuals as well as payments made to merchants while making purchases.