+21.5% year on year
Payments in India
UPI and cards record how money crosses the economy, which institutions carry it and where cash remains in use.
23.66 billion
Monthly transactions
₹29.88 trillion
$312 billion
Value moved
763.2 million
Daily run rate
₹1,263
$13.2
Average transaction
Monthly volume
UPI processed 23.66 billion transactions in July 2026
The chart shows NPCI’s complete monthly transaction-volume history.
data.indiadispatch.com
Cash and UPI
UPI volume grew 21.5% in a year. Notes in circulation grew 12.2%
UPI counts a month of payment transactions while notes in circulation measure the stock of banknotes on a reporting Friday.
+12.2% year on year
Source: National Payments Corporation of India and Reserve Bank of India, India Dispatch Research
Payment type · July 2026
Merchant payments made up 63.3% of UPI volume
Person-to-person transfers accounted for 69.7% of value. NPCI labels these P2M and P2P.
Share of transactions
P2M63.3%
P2P36.7%
Share of value
P2M30.3%
P2P69.7%
P2M average ticket
₹606$6.33Implied average across merchant payments.
P2P average ticket
₹2,396$25Implied average across person-to-person transfers.
Source: National Payments Corporation of India, India Dispatch Research
Bank reliability
Rajasthan Marudhara Gramin Bank had the highest sending-bank technical-decline rate, 5.63%, in July 2026
NPCI defines a technical decline as a failed transaction caused by unavailable systems or network issues at a bank or NPCI. Business declines such as a wrong PIN are excluded.
Sending bankJuly 2026
Top 50 by volume
| Bank | Technical decline | Volume |
|---|---|---|
| Rajasthan Marudhara Gramin Bank | 5.63% | 74.2 million |
| Telangana Grameena Bank | 3.8% | 60 million |
| Baroda U.P. Bank | 1.95% | 101.4 million |
| Central Bank of India | 1.63% | 453.8 million |
| Maharashtra Gramin Bank | 1.5% | 44.7 million |
| Tamilnad Mercantile Bank Limited | 1.01% | 71.6 million |
Receiving bankJuly 2026
Top 50 by volume
| Bank | Technical decline | Volume |
|---|---|---|
| Rajasthan Marudhara Gramin Bank | 2.41% | 29.6 million |
| Telangana Grameena Bank | 2.31% | 23.8 million |
| Slice Small Finance Bank | 2.14% | 47.1 million |
| Central Bank of India | 1.56% | 192.3 million |
| Baroda U.P. Bank | 1.47% | 52.1 million |
| IDBI Bank Ltd. | 1.18% | 88.8 million |
data.indiadispatch.com
Source: National Payments Corporation of India, India Dispatch Research
Payment rails
42.6 million cheques were cleared in June 2026
Cheque volume fell 25.7% over the available 37-month RBI series. December 2024 is omitted because that month is absent from RBI’s public archive.
data.indiadispatch.com
−1.6% since May 2023
−8.8% since May 2023
+24.6% since May 2023
+197.1% since May 2023
| Payment rail | Monthly transactions | Value moved |
|---|---|---|
| RTGS | 31.9 million | ₹229.84 trillion$2.4 trillion |
| NEFT | 858.2 million | ₹44.54 trillion$465 billion |
| IMPS | 353.9 million | ₹6.77 trillion$70.7 billion |
| Prepaid instruments | 888.3 million | ₹274.95 billion$2.87 billion |
| Cheque Truncation System | 42.6 million | ₹6.08 trillion$63.5 billion |
Source: Reserve Bank of India, India Dispatch Research
Merchant categories
Groceries & supermarkets led UPI merchant volume with 3.85 billion in July 2026
The ranking covers merchant categories published by NPCI.
data.indiadispatch.com
UPI transaction volume for Bakeries rose 20% in one month, while Candy, nut and confectionery shops fell 21.1%
Categories without observations in both comparison periods are excluded.
Compared with June 2026
Growth
Transaction volume- Bakeries+20%
- Online marketplaces+14.4%
- Securities brokers and dealers+11.5%
- Freezer and locker meat provisioners+9.3%
- Variety stores+8.9%
- Government services not elsewhere classified+6.7%
Decline
Transaction volume- Candy, nut and confectionery shops−21.1%
- Mens and womens clothing shops−11.3%
- Electronics shops−6.1%
- Mens, womens and childrens uniforms and commercial clothing−5.4%
- Department stores−1.1%
- Family clothing shops−0.1%
NPCI published 29 merchant categories for July 2026
| Rank | Merchant category | Transactions | Month | Six months | One year | Value | Average payment |
|---|---|---|---|---|---|---|---|
| 01 | Groceries & supermarketsMCC 5411 | 3.85 billion | +2.8% | +12.5% | +26.8% | ₹821.45 billion$8.58 billion | ₹214$2.23 |
| 02 | Fast food restaurantsMCC 5814 | 1.48 billion | +2% | −1.6% | +21% | ₹175.62 billion$1.84 billion | ₹119$1.24 |
| 03 | Eating places & restaurantsMCC 5812 | 1.27 billion | +2.2% | +0.8% | +10% | ₹217.42 billion$2.27 billion | ₹171$1.79 |
| 04 | Telecommunication servicesMCC 4814 | 837.7 million | +1.6% | −4.7% | −3.9% | ₹236.41 billion$2.47 billion | ₹282$2.95 |
| 05 | Service stationsMCC 5541 | 742.8 million | +3.6% | +12.7% | +21.3% | ₹450.58 billion$4.71 billion | ₹607$6.34 |
| 06 | BakeriesMCC 5462 | 475.8 million | +20% | +65.9% | +81.7% | ₹62.83 billion$657 million | ₹132$1.38 |
| 07 | Cigar shops & standsMCC 5993 | 443.8 million | +6.5% | +16.5% | +37.9% | ₹28.94 billion$302 million | ₹65$0.681 |
| 08 | Drug stores & pharmaciesMCC 5912 | 311.9 million | +6% | −3.7% | +4.9% | ₹131.57 billion$1.37 billion | ₹422$4.41 |
| 09 | DairiesMCC 5451 | 277.5 million | +3.5% | +54.8% | +55.6% | ₹60.24 billion$630 million | ₹217$2.27 |
| 10 | Purchase of digital goldMCC 5412 | 242.5 million | +4.1% | +10.4% | +153.3% | ₹24.65 billion$258 million | ₹102$1.06 |
| 11 | Package shops beer, wine and liquorMCC 5921 | 220 million | +1.5% | +27.1% | +51% | ₹90.94 billion$950 million | ₹413$4.32 |
| 12 | Debt collection agenciesMCC 7322 | 208 million | +5.8% | +9.5% | +28.9% | ₹707.18 billion$7.39 billion | ₹3,400$35.5 |
| 13 | Online marketplacesMCC 5262 | 180.7 million | +14.4% | +55.1% | +48.1% | ₹102.24 billion$1.07 billion | ₹566$5.91 |
| 14 | Government services not elsewhere classifiedMCC 9399 | 154.2 million | +6.7% | +25.7% | +40.3% | ₹123.47 billion$1.29 billion | ₹801$8.37 |
| 15 | Utilities electric, gas, water and sanitaryMCC 4900 | 146.3 million | +1.6% | −9.4% | −16.3% | ₹253.41 billion$2.65 billion | ₹1,732$18.1 |
| 16 | Freezer and locker meat provisionersMCC 5422 | 137.4 million | +9.3% | +5.6% | +39.3% | ₹47.92 billion$501 million | ₹349$3.64 |
| 17 | Candy, nut and confectionery shopsMCC 5441 | 117.5 million | −21.1% | −2.8% | +9.4% | ₹24.04 billion$251 million | ₹205$2.14 |
| 18 | Mens and womens clothing shopsMCC 5691 | 105.7 million | −11.3% | −11.4% | +14.2% | ₹110.63 billion$1.16 billion | ₹1,046$10.9 |
| 19 | Variety storesMCC 5331 | 94.6 million | +8.9% | +39.5% | +57.1% | ₹39.04 billion$408 million | ₹413$4.31 |
| 20 | Drinking places (alcoholic beverages) bars, taverns, night-clubs, cocktail lounges and discothèquesMCC 5813 | 93.4 million | +0.3% | +6.9% | +8.1% | ₹37.3 billion$390 million | ₹399$4.17 |
| 21 | Digital goods: media, books, movies, musicMCC 5815 | 91.4 million | Not comparable | Not comparable | Not comparable | ₹19.74 billion$206 million | ₹216$2.26 |
| 22 | Department storesMCC 5311 | 88.3 million | −1.1% | +14.7% | +34% | ₹53.8 billion$562 million | ₹610$6.37 |
| 23 | Beauty and barber shopsMCC 7230 | 88.1 million | +2.5% | +3.1% | +19.6% | ₹24.6 billion$257 million | ₹279$2.92 |
| 24 | Electronics repair shopsMCC 7622 | 86.1 million | +3% | +9% | +11.3% | ₹24.72 billion$258 million | ₹287$3 |
| 25 | Electronics shopsMCC 5732 | 82.8 million | −6.1% | −3.8% | −10.1% | ₹113.22 billion$1.18 billion | ₹1,367$14.3 |
| 26 | Securities brokers and dealersMCC 6211 | 82.7 million | +11.5% | +2.9% | +25.9% | ₹737.52 billion$7.71 billion | ₹8,916$93.2 |
| 27 | Family clothing shopsMCC 5651 | 80.2 million | −0.1% | −8.3% | Not comparable | ₹67.9 billion$709 million | ₹846$8.84 |
| 28 | Taxi-cabs and limousinesMCC 4121 | 79.7 million | +2.7% | +5% | +17.7% | ₹11.97 billion$125 million | ₹150$1.57 |
| 29 | Mens, womens and childrens uniforms and commercial clothingMCC 5137 | 69.6 million | −5.4% | −11.5% | +6% | ₹62.2 billion$650 million | ₹894$9.34 |
Geography
Maharashtra led state-attributed UPI volume with 2.26 billion in July 2026
NPCI reports state and union-territory activity separately from unclassified transactions. Shares use the same month’s national total.
| Rank | State / UT | Transactions | Volume share | Value | Value share |
|---|---|---|---|---|---|
| 01 | Maharashtra | 2.26 billion | 9.54% | ₹2.73 trillion$28.6 billion | 9.15% |
| 02 | Uttar Pradesh | 1.25 billion | 5.28% | ₹1.58 trillion$16.5 billion | 5.29% |
| 03 | Karnataka | 1.24 billion | 5.24% | ₹1.74 trillion$18.2 billion | 5.83% |
| 04 | Tamil Nadu | 974.3 million | 4.12% | ₹1.48 trillion$15.5 billion | 4.96% |
| 05 | Telangana | 941.8 million | 3.98% | ₹1.52 trillion$15.9 billion | 5.09% |
| 06 | Andhra Pradesh | 667.9 million | 2.82% | ₹1.13 trillion$11.8 billion | 3.78% |
| 07 | Rajasthan | 596 million | 2.52% | ₹866.2 billion$9.05 billion | 2.9% |
| 08 | Gujarat | 587.2 million | 2.48% | ₹882.11 billion$9.22 billion | 2.95% |
| 09 | Delhi | 550.9 million | 2.33% | ₹723.01 billion$7.56 billion | 2.42% |
| 10 | West Bengal | 506.2 million | 2.14% | ₹703.91 billion$7.36 billion | 2.36% |
| 11 | Bihar | 504.8 million | 2.13% | ₹682.06 billion$7.13 billion | 2.28% |
| 12 | Madhya Pradesh | 496.9 million | 2.1% | ₹661.07 billion$6.91 billion | 2.21% |
| 13 | Kerala | 489.8 million | 2.07% | ₹678.57 billion$7.09 billion | 2.27% |
| 14 | Haryana | 464.3 million | 1.96% | ₹658.01 billion$6.88 billion | 2.2% |
| 15 | Odisha | 308.6 million | 1.3% | ₹401.34 billion$4.19 billion | 1.34% |
| 16 | Punjab | 249.8 million | 1.06% | ₹419.79 billion$4.39 billion | 1.4% |
| 17 | Assam | 242.8 million | 1.03% | ₹249.01 billion$2.6 billion | 0.83% |
| 18 | Jharkhand | 200.9 million | 0.85% | ₹258.69 billion$2.7 billion | 0.87% |
| 19 | Chhattisgarh | 150.7 million | 0.64% | ₹192.06 billion$2.01 billion | 0.64% |
| 20 | Uttarakhand | 128 million | 0.54% | ₹161.98 billion$1.69 billion | 0.54% |
| 21 | Jammu and Kashmir | 106.5 million | 0.45% | ₹136.25 billion$1.42 billion | 0.46% |
| 22 | Himachal Pradesh | 66.2 million | 0.28% | ₹86.2 billion$901 million | 0.29% |
| 23 | Goa | 36.2 million | 0.15% | ₹54 billion$564 million | 0.18% |
| 24 | Chandigarh | 29.4 million | 0.12% | ₹37.64 billion$393 million | 0.13% |
| 25 | Arunachal Pradesh | 26.8 million | 0.11% | ₹34.44 billion$360 million | 0.12% |
| 26 | Puducherry | 22.7 million | 0.1% | ₹31.41 billion$328 million | 0.11% |
| 27 | Meghalaya | 19.6 million | 0.08% | ₹23.07 billion$241 million | 0.08% |
| 28 | Manipur | 19.3 million | 0.08% | ₹34.65 billion$362 million | 0.12% |
| 29 | Tripura | 17.9 million | 0.08% | ₹22.77 billion$238 million | 0.08% |
| 30 | Mizoram | 16.3 million | 0.07% | ₹21.77 billion$227 million | 0.07% |
| 31 | Nagaland | 14.8 million | 0.06% | ₹20.22 billion$211 million | 0.07% |
| 32 | Dadra & Nagar Haveli & Daman & Diu | 10.6 million | 0.04% | ₹12.11 billion$126 million | 0.04% |
| 33 | Sikkim | 9.7 million | 0.04% | ₹12.82 billion$134 million | 0.04% |
| 34 | Ladakh | 5.7 million | 0.02% | ₹10.29 billion$108 million | 0.03% |
| 35 | Andaman and Nicobar Islands | 4.4 million | 0.02% | ₹6.5 billion$67.9 million | 0.02% |
| 36 | Lakshadweep | 0.7 million | <0.01% | ₹764.7 million$7.99 million | <0.01% |
| Not ranked | Unclassified | 10.45 billion | 44.15% | ₹11.61 trillion$121 billion | 38.85% |
UPI apps
PhonePe handled 46.1% of payer-app volume in July 2026
PhonePe and Google Pay together held 78.7%, compared with 80.6% six months earlier.
data.indiadispatch.com
PhonePe’s volume share fell 0.5 points over six months
| Rank | Application | Transactions | Value | July 2026 share | Six months ago | Change |
|---|---|---|---|---|---|---|
| 01 | PhonePe | 10.86 billion | ₹14.44 trillion$151 billion | 46.15% | 46.6% | −0.5 points |
| 02 | Google Pay | 7.65 billion | ₹10.01 trillion$105 billion | 32.51% | 33.98% | −1.5 points |
| 03 | Paytm | 1.9 billion | ₹2.05 trillion$21.4 billion | 8.09% | 7.8% | +0.3 points |
| 04 | Navi | 947.1 million | ₹483.18 billion$5.05 billion | 4.03% | 3.33% | +0.7 points |
| 05 | super.money | 437.3 million | ₹208.38 billion$2.18 billion | 1.86% | 1.4% | +0.5 points |
| 06 | BHIM | 242.3 million | ₹286.33 billion$2.99 billion | 1.03% | 0.81% | +0.2 points |
| 07 | FamApp | 206.2 million | ₹28.21 billion$295 million | 0.88% | 0.76% | +0.1 points |
| 08 | 167.9 million | ₹129.57 billion$1.35 billion | 0.71% | 0.53% | +0.2 points | |
| 09 | Axis Bank Apps | 143.8 million | ₹139.4 billion$1.46 billion | 0.61% | 0.72% | −0.1 points |
| 10 | CRED | 142.1 million | ₹592.79 billion$6.19 billion | 0.6% | 0.74% | −0.1 points |
| 11 | Kotak Mahindra Bank Apps | 129 million | ₹163.16 billion$1.7 billion | 0.55% | 0.48% | +0.1 points |
| 12 | Amazon Pay | 90.7 million | ₹109.78 billion$1.15 billion | 0.39% | 0.39% | Unchanged |
| 13 | HDFC Bank Apps | 70.7 million | ₹175.28 billion$1.83 billion | 0.3% | 0.36% | −0.1 points |
| 14 | Slice Small Finance Bank Apps | 70.5 million | ₹63.12 billion$660 million | 0.3% | 0.19% | +0.1 points |
| 15 | Mobikwik | 69.2 million | ₹82.34 billion$860 million | 0.29% | 0.3% | Unchanged |
| 16 | IDFC Bank Apps | 54.8 million | ₹43.96 billion$459 million | 0.23% | 0.08% | +0.1 points |
| 17 | Yes Bank Apps | 53.5 million | ₹81.8 billion$855 million | 0.23% | 0.25% | Unchanged |
| 18 | ICICI Bank Apps | 52.4 million | ₹227.38 billion$2.38 billion | 0.22% | 0.32% | −0.1 points |
| 19 | State Bank of India Apps | 26.3 million | ₹68.01 billion$711 million | 0.11% | 0.07% | Unchanged |
| 20 | Unity Small Finance Bank Apps | 19.8 million | ₹24.49 billion$256 million | 0.08% | <0.01% | +0.1 points |
Credit cards in circulation
India had 121.59 million credit cards in circulation in June 2026
Cards outstanding at month end, June 2023 to June 2026.
data.indiadispatch.com
Credit card payments
Cardholders made 581.3 million credit-card payments worth ₹2.01 trillion ($21 billion) in June 2026
Payment value excludes credit-card cash withdrawals.
Payment value · June 2026₹2.01 trillion$21 billion
Payment volume · June 2026581.3 million
data.indiadispatch.com
Online vs swipe
63.1% of credit-card payment value was online in June 2026
The remaining value was reported at physical points of sale or in RBI's separately reported other channel.
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research
Largest card books
The ten largest bank books held 89% of India’s credit cards in June 2026
Shares use cards outstanding at month end.
data.indiadispatch.com
Card-book changes
HDFC Bank added 163,511 credit cards while SBM Bank India reduced its credit-card book by 24,680 in June 2026
Each figure is the net change in cards outstanding at month end.
Compared with May 2026
Most cards added
Net change- 01HDFC Bank+163,511
- 02State Bank of India+162,664
- 03ICICI Bank+151,352
- 04Federal Bank+101,107
- 05IDFC First Bank+90,975
- 06Canara Bank+64,581
- 07Slice Small Finance Bank+59,536
- 08Punjab National Bank+49,119
- 09Axis Bank+48,636
- 10Yes Bank+48,403
Most cards withdrawn
Net change| Bank | Reduction |
|---|---|
| SBM Bank India | 24,680 |
| Standard Chartered Bank | 13,486 |
| IndusInd Bank | 10,890 |
| CSB Bank | 5,824 |
| South Indian Bank | 2,833 |
| DBS Bank India | 2,594 |
| American Express Banking Corporation | 2,486 |
| Union Bank of India | 1,266 |
| Indian Bank | 1,082 |
9 banks recorded a net reduction in this period.
data.indiadispatch.com
Debit-card cash withdrawals
Debit cards dispensed ₹2.16 trillion ($22.6 billion) in cash in June 2026
Cash withdrawn on debit cards at ATMs and PoS terminals.
data.indiadispatch.com
Source: Reserve Bank of India, India Dispatch Research