Digital payments in India reached new heights in July 2025, with the Unified Payments Interface (UPI) surpassing an all-time high of 19.47 billion transactions worth Rs 25.08 lakh crore, according to the National Payments Corporation of India (NPCI).

The surge highlights UPI’s growing dominance, with volumes rising 5.8% and value increasing 4.3% from June 2025, when it processed 18.40 billion transactions worth Rs 24.04 lakh crore. Daily transactions averaged 628 million during the month.

Compared to July 2024, UPI volumes increased by 35% and transaction value rose by 22%, reflecting deeper penetration of digital payments across consumer segments, from urban users to rural markets.

App-wise data for July is awaited, but in June, PhonePe led the pack with 46.5% of total UPI transactions and nearly half the value, followed by Google Pay at 35.6% by volume and 35% by value, while Paytm accounted for 6.9% in volume and 5.6% in value.

Dilip Modi, Founder & CEO of Spice Money, noted that UPI’s consistent rise signals a clear shift away from cash, with small businesses and last-mile users increasingly adopting digital payments for everyday transactions.

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