UPI hits record July transaction value of Rs 29.88 lakh crore

In July, India’s Unified Payments Interface processed 23.66 billion payments worth Rs 29.88 lakh crore, the highest monthly total ever recorded.

July saw the Unified Payments Interface achieve a new milestone, with 23.66 billion transactions amounting to Rs 29.88 lakh crore, according to data from the National Payments Corporation of India. This volume eclipsed June’s 22.72 billion and the earlier record of 23.2 billion set in May, while the transaction value rose 19 % from the same month last year. PayNearby’s managing director and CEO Anand Kumar Bajaj highlighted the platform’s strengthening of India’s digital-payments foundation and urged continued focus on trust, awareness and ease of use at the grassroots level.

UPI’s reach now extends to about ten countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius and Qatar, fostering greater remittance flows and international fintech standing. The system is operated by NPCI, an initiative of the Reserve Bank of India and the Indian Banks’ Association, which oversees retail payment and settlement networks across the country.