UPI hits record 23.66 billion transactions in July as everyday payments drive growth
UPI processed ₹29.88 lakh crore across 23.66 billion transactions in July, with volume up 22% year on year. Growth is being led by everyday use cases and deeper adoption across tier-2, tier-3 and rural markets ahead of the festive season.
UPI reached a record 23.66 billion transactions worth ₹29.88 lakh crore in July, driven by everyday usage and expanding adoption in tier-2, tier-3 and rural markets. PhonePe remained the leading UPI app as of June.
Why this matters
The record follows recent signals on UPI reaching ₹29.88 lakh crore and its highest-ever monthly transaction volume, while a potential MDR return above ₹2,000 could affect large-merchant acceptance economics.
Omni-channel is accelerating, with theme activity up +191200% quarter on quarter.