PhonePe Leads July UPI
PhonePe hit 10.86 billion UPI transactions in July; CRED fell to 10th rank.
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UPI3 mins read
UPI Hits Record Monthly Volume With 23.66 Billion Transactions in July 2026
UPI recorded its highest ever monthly transaction volume in July 2026, processing 23.66 billion transactions worth Rs 29.88 lakh crore, according to NPCI data.
UPI Sets a New Monthly Volume Record
Unified Payments Interface recorded 23.66 billion transactions in July 2026, its highest ever monthly transaction volume, according to data released by the National Payments Corporation of India. The transactions were worth Rs 29.88 lakh crore, putting July just below the all-time transaction value high of Rs 29.90 lakh crore recorded in May.
The July volume surpassed the previous record of 23.20 billion transactions set in May. The key takeaway: UPI’s transaction count continues to scale even as value growth remains close to record levels.
Daily Usage and Growth Remain Strong
On a daily basis, UPI processed 763 million transactions in July, while average daily transaction value stood at Rs 96,383 crore. Compared with June, transaction volume rose 4.1% from 22.72 billion, and transaction value increased 3.3% from Rs 28.92 lakh crore.
Year on year, UPI transaction volume grew 22%, while transaction value increased 19%. UPI had crossed the 23 billion monthly transaction mark for the first time in May.
App-Wise July Data Is Still Pending
As of June, Walmart-backed PhonePe led the UPI ecosystem with 10.48 billion transactions, followed by Google Pay and Paytm in the second and third spots. WhatsApp surpassed CRED in UPI transaction volume in June, processing 150.48 million transactions compared with 141.78 million for CRED.
NPCI is yet to release the app-wise transaction data for July. That update will show whether June’s platform rankings carried into the record-setting month.
UPI’s International Footprint Keeps Expanding
The Maldives recently launched a real-time payment corridor with India, further expanding UPI’s global footprint. UPI merchant payments are now live in 10 international markets: Bhutan, Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Nepal, Qatar, Cambodia, and the Maldives.
Greece remains connected for person-to-person transfers, while Singapore and Nepal also support remittance linkages. For users and merchants, the broader implication is that UPI is increasingly positioned as both a domestic payments rail and a cross-border payments connector.
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