Reeju Datta, Co-founder, Cashfree Payments
“July 2026 is the highest month on record for UPI in both volume and value. We recorded 23.66 billion transactions worth ₹29.88 lakh crore, with a daily average of 763 million, also the highest ever recorded. What makes this record significant is the timing. July is historically India’s softest month for payments, no festive season, no quarter-end institutional settlements. Previous records have been set with at least one of those tailwinds. July had none of them, which means the growth is being driven purely by organic, everyday transaction behaviour rather than any seasonal or structural event.
The more interesting signal is the divergence between volume and value growth. Volumes grew 22% year-on-year while value grew 19%. Average transaction size is declining. It is not larger purchases by existing urban users that is driving the numbers. It is smaller, more frequent transactions from newer users in smaller towns and cities, spending categories that were previously settled in cash. As UPI‘s acceptance infrastructure has deepened into these markets, the marginal transaction coming onto UPI rails is naturally smaller in value but higher in frequency.
With the festive season starting in October, July’s record sets a strong baseline for what the second half of 2026 could look like.”
Siddharth Mehta, Co-founder, Kiwi
“July’s numbers reinforce what we’ve always believed: UPI has quietly become the most integral part of India’s daily economy. Crossing 23.66 billion transactions and nearly ₹30 lakh crore in value isn’t just a scale milestone; it reflects the trust that consumers and merchants alike continue to place in this system.
What’s more exciting than the volume, though, is where UPI goes from here. The industry is moving into a phase where it’s not just about how often people pay, but how they pay, and Credit on UPI is central to that shift. It gives people a simple way to access short-term credit for everyday needs, right within a payment flow they already trust. That’s the real opportunity: not just convenience, but bringing more people into a formal credit system that has, for too long, been out of reach for many. As adoption grows, this is set to meaningfully expand financial flexibility for everyday Indians.”