UPI Transactions Hit Record 24.51 Billion In August As Digital Payments Continue Rapid Growth
UPI transactions reached a record 24.51 billion in August, valued at ₹29.82 trillion, according to NPCI data. Transaction volumes rose 22% year-on-year as digital payments gained wider acceptance. IMPS transactions declined, while FASTag and Aadhaar-enabled payments recorded mixed trends, highlighting the continued expansion of India’s digital payment ecosystem
UPI Transaction |
India’s Unified Payments Interface (UPI) recorded its highest-ever monthly transaction volume in August, with 24.51 billion transactions worth ₹29.82 trillion, according to data released by the National Payments Corporation of India (NPCI).
UPI transaction volumes increased 3.6% from July, when the platform processed 23.66 billion transactions valued at ₹29.88 trillion. While August marked another record in transaction numbers, the highest monthly transaction value was recorded in May at ₹29.9 trillion.
Compared with August last year, UPI transactions grew 22% in volume and 20% in value, highlighting the increasing dependence on digital payment platforms among consumers and businesses.
Average daily UPI transactions increased to 791 million in August from 763 million in July. The daily transaction value stood at ₹96,205 crore during the month.
Fintech industry executives said the growth of UPI reflects a broader change in consumer payment behaviour, with the next phase expected to focus on expanding financial services beyond transaction volumes and improving accessibility.
Other digital payment modes show mixed trends
While UPI continued its strong growth, other payment systems recorded varied performance. Immediate Payment Service (IMPS) transactions declined slightly to 360 million in August from 364 million in July. The transaction value also fell marginally to ₹7.04 trillion.
FASTag transactions increased 1.2% to 351 million in August, while the value of transactions rose to ₹7,185 crore from ₹7,143 crore in July. Daily FASTag usage also improved during the month.
Aadhaar-Enabled Payment System (AePS) transactions increased 4% to 104 million in August compared with July. However, transaction value declined 5% to ₹26,035 crore.
Industry experts said the future growth of digital payments will depend on deeper adoption across smaller towns and among users outside the smartphone ecosystem. Assisted payment solutions are expected to play an important role in extending digital financial services to the last mile.
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