UPI Transactions Rise 4% MoM To Record 24.51 Bn In August

UPI transactions soared 4% month-over-month in August to a record 24.51 billion, up from 23.66 billion in the previous month, according to data from the National Payments Corporation of India (NPCI). The overall transaction count jumped 22% to 20.01 billion in August 2025, compared to 20.01 billion in August 2025. However, the value of UPI transactions dipped slightly to ₹29.82 lakh crore from ₹29.88 lakh crore.

Year-over-year, the transaction value rose 20%. The average daily transaction count increased to 791 million in August from 763 million in July. Meanwhile, the average daily transaction value declined 0.2% to ₹96,205 crore from ₹96,383 crore in July. The NPCI will release app-wise data later this month. PhonePe processed 1,085.8 crore transactions worth ₹14.4 lakh crore, while Google Pay recorded 764.98 crore transactions valued at ₹10 lakh crore.

UPI’s monetisation challenge remains as policymakers and industry players aim to address structural issues around the monetisation of UPI and competition within the ecosystem. Parliament recently passed the Taxation and Other Laws (Amendment) Bill, 2026, which replaces the blanket statutory bar on Merchant Discount Rate (MDR) for UPI and RuPay debit card transactions with a government-notified exemption framework.