Unified Payments Interface (UPI) reached a new milestone in July 2025, processing 19.47 billion transactions valued at Rs 25.08 lakh crore, according to the National Payments Corporation of India (NPCI). This marked a 5.8 percent increase in transaction volume and a 4.3 percent rise in transaction value compared to June, which recorded 18.40 billion transactions worth Rs 24.04 lakh crore.
The average daily transaction volume also rose significantly, hitting 628 million transactions in July.
Strong Year-on-Year Growth
Compared to July 2024, UPI registered a 35 percent growth in transaction volume and a 22 percent increase in total transaction value. These numbers highlight the growing adoption of digital payments across India.
While July’s detailed app-wise market share is yet to be released, June data showed that PhonePe led with 46.5 percent of UPI volumes and nearly 50 percent of transaction value. Google Pay followed with 35.6 percent volume share and 35 percent value share, while Paytm held 6.9 percent and 5.6 percent respectively.
Global Expansion Continues
UPI’s international presence is steadily expanding. It is already operational in countries like Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. Further integrations are planned for Qatar, Thailand, Malaysia, and other Southeast Asian markets, while the UK, Oman, Maldives, and Namibia are also exploring UPI adoption.
This global push reinforces India’s position as a leader in real-time payment systems.
Monetisation Phase
In a major development, ICICI Bank has reportedly started charging UPI fees to payment aggregators and large merchants. This move signals a possible shift from the long-standing zero-fee policy previously encouraged by the government.
Industry experts believe this could be the beginning of UPI’s monetisation phase, potentially reshaping how digital transactions are managed for businesses.
UPI’s growing adoption and consistent performance place it firmly at the center of India’s digital payment ecosystem, with rising global interest adding further momentum.
