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Business

Festive rush sends UPI transactions to record 24.51 bn

hellohimachalse@gmail.com 02 Sep 2026 02 Sep 2026

Transactions through the Unified Payments Interface (UPI) remained close to record levels at Rs 29.82 lakh crore in August, while transaction volume touched an all-time high of 24.51 billion, according to data released by the National Payments Corporation of India (NPCI) on Tuesday.

UPI transaction value stood at Rs 29.82 lakh crore in August, up 20 per cent from Rs 24.85 lakh crore in the same month last year. The value was marginally below the record Rs 29.9 lakh crore recorded in May and July 2026.

In volume terms, however, UPI set a fresh record at 24.51 billion transactions, compared with 23.66 billion in July. Transaction volume stood at 22.72 billion in June and 23.2 billion in May.

On an annual basis, UPI transaction volume increased 22 per cent from 19.63 billion in August 2025, highlighting the continued shift towards digital payments for both peer-to-peer transfers and merchant transactions.

Cashfree Payments co-founder Reeju Datta said the growth in August was bolstered by festive activity, including Raksha Bandhan, which drove higher peer-to-peer transfers and small-ticket gifting. The increase in transaction volumes over the past three months, along with sustained aggregate transaction value, reflected the expanding reach and depth of the UPI ecosystem, he said.

Network People Services Technologies co-founder and CEO Deepak Chand Thakur said the upcoming festive season could provide another growth opportunity. He added that new use cases such as credit on UPI and continued investment in resilient digital infrastructure would be important for sustaining India’s leadership in digital payments.

UPI is now accepted in 11 countries, with Uzbekistan the latest addition. Other countries include Singapore, the UAE, France, Mauritius, Nepal, Bhutan, Qatar, Sri Lanka, Cambodia and Greece. Launched on August 25, 2016, UPI has transformed India’s payments landscape. Transaction value has risen from Rs 0.07 lakh crore in FY17 to around Rs 314 lakh crore in FY26.

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