The Unified Payments Interface (UPI) recorded the highest monthly transaction volume in July 2026. The total value of these transactions amounted to 23.66 billion operations worth 29.88 trillion rupees, according to data provided by the National Payments Corporation of India (NPCI).
Compared to June, the transaction volume grew by 4.1%, and the transaction value increased by 3.3%. Ridhi Datta, co-founder of Cashfree Payments, noted that the growth is solely due to organic user behavior in daily transactions, not seasonal or structural factors.
When compared to the same period last year, the transaction volume increased by 22%, and the value by 19%. Anand Kumar Bajaj, founder, managing director, and CEO of PayNearby, emphasized that the most significant change is happening outside major cities. In second-tier, third-tier regions, and rural areas, UPI is gradually transforming from a rare alternative to an integral part of daily transactions as users employ it for local purchases, balance top-ups, bills, and money transfers, supported by growing trust and widespread service adoption in their communities.
Regarding other systems, the volume of Immediate Payment Service (IMPS) transactions grew by 3% in July, reaching 364 million operations, compared to 354 million in June and 358 million in May. The value of these transactions rose by over 5% to 7.12 trillion rupees from 6.77 trillion rupees in June and 6.96 trillion rupees in May. However, compared to July last year, the IMPS transaction volume decreased by 24%, while the value increased by 13%.
Within IMPS, the average daily transaction value in July reached 22,958 crore rupees, compared to 22,551 crore rupees in June. The daily transaction volume was 11.75 million, which is less than the figure of 11.8 million in June.
FASTag transactions decreased by 4% in July, totaling 347 million operations, against 362 million in June and 375 million in May. The transaction value slightly decreased to 7,143 crore rupees from 7,215 crore rupees in June and 7,308 crore rupees in May. The average daily FASTag transaction volume fell to 11.21 million from 12.06 million in June and 12.1 million in May. The average daily transaction value also decreased to 230 crore rupees from 240 crore rupees in June.
Aadhaar Enabled Payment System (AePS) transactions showed a growth of 3% in July, reaching 100 million operations, compared to 97 million in June and 88 million in May. The value of AePS transactions increased to 27,539 crore rupees from 26,051 crore rupees in June and 25,247 crore rupees in May.



