India's Unified Payments Interface (UPI) records 22% YoY growth in July
In July, the Unified Payments Interface (UPI) processed 23.66 billion transactions, a 22% year‑on‑year increase and a 4% rise from June. The total transaction value reached ₹29.88 lakh crore, up 19% YoY and 3% month‑on‑month. On average, 763 million transactions were settled each day, with a daily value of about ₹96,383 crore.
The National Payments Corporation of India (NPCI) reported that UPI handled 18,586.60 crore transactions worth ₹260.56 lakh crore in FY2024‑25. UPI is now live in more than eight countries, including the UAE, Singapore, France, Mauritius and Sri Lanka, expanding India's fintech footprint abroad. The government is reviewing a merchant discount rate (MDR) of 0.05‑0.07% for businesses with annual turnover of ₹1‑1.5 cr on UPI payments above ₹2,000, a proposal aimed at small and micro merchants that account for roughly 90% of UPI users. PhonePe and Google Pay continue to dominate the UPI ecosystem, while smaller players such as Navi, Super.money and WhatsApp have recorded modest market‑share gains.
Entities: Droupadi Murmu · Fintech industry · Google Pay · National Payments Corporation of India · Pankaj Chaudhary · PhonePe · Republic of India · Unified Payments Interface · Women entrepreneurs
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] PhonePe and Google Pay remain the dominant UPI apps, while Navi, Super.money and WhatsApp each gained a small market‑share increase in June. (Payments Council of India data)
- [● 2 SOURCES] UPI is live in more than eight countries, including the UAE, Singapore, France, Mauritius and Sri Lanka. (NPCI International Payments Ltd. (NIPL) information)
- [● 4 SOURCES] Average daily UPI transactions in July 2024 were about 763 million, with average daily value around ₹96,383 crore. (NPCI data)
- [● 2 SOURCES] UPI processed 18,586.60 crore transactions worth ₹260.56 lakh crore in FY2024‑25. (NPCI data cited by Minister Pankaj Chaudhary)
- [○ 1 SOURCE] The Indian government is reviewing a merchant discount rate of 0.05‑0.07% for businesses with annual turnover of ₹1‑1.5 cr on UPI transactions above ₹2,000. (Proposed policy reported in July 2024)
- [● 2 SOURCES] Minister of State for Finance Pankaj Chaudhary presented the UPI transaction figures in a Lok Sabha reply. (Lok Sabha written reply)
- [● 4 SOURCES] UPI transaction value in July 2024 was ₹29.88 lakh crore, a 19% year‑on‑year increase. (National Payments Corporation of India data)
- [● 4 SOURCES] UPI transaction volume in July 2024 was 23.66 billion, a 22% year‑on‑year increase. (National Payments Corporation of India data)