UPI Transactions Near Record Rs 29.8 Lakh Crore in August, Volume Hits All-Time High

India’s Unified Payments Interface (UPI) continued its strong growth trajectory in August, with transaction volume reaching an all-time high of 24.51 billion, while the total value of payments stood at Rs 29.82 lakh crore, close to the record level, according to data released by the National Payments Corporation of India (NPCI).

The transaction value in August was just below the record of Rs 29.9 lakh crore, achieved in May and July 2026. In comparison, UPI transactions were valued at Rs 24.85 lakh crore in August 2025, reflecting an annual growth of 20 per cent.

Transaction volumes also registered strong growth, rising 22 per cent year-on-year from 19.63 billion in August last year. The August figure surpassed the 23.66 billion transactions recorded in July, while volumes stood at 22.72 billion in June and 23.2 billion in May.

Industry experts attributed the strong performance partly to festive-season spending and peer-to-peer transfers, including activity around Raksha Bandhan, which boosted small-value gifting and everyday digital payments.

Cashfree Payments co-founder Reeju Datta said the continued increase in transaction volumes highlighted the expanding reach and depth of India's UPI ecosystem. He added that the upcoming festive season could provide further momentum.

Meanwhile, Deepak Chand Thakur, co-founder and CEO of Network People Services Technologies (NPST), said the growing adoption of new services such as credit on UPI would further support the expansion of digital payments. He stressed the need for continued investment in resilient and intelligent infrastructure.

UPI is now accepted in 11 countries, with Uzbekistan becoming 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 digital payments landscape, with transaction value rising from Rs 0.07 lakh crore in FY17 to around Rs 314 lakh crore in FY26, marking extraordinary growth over the past decade.