+21.5% year on year
UPI
How India pays
UPI, a shared network that moves money instantly between participating bank accounts in India, is now the default way Indians pay. What the money buys is an early read on the economy, and so is where it stops.
Latest network totals · July 2026
Dollar figures on this page use ₹95.44 per $1, the reference rate of August 11, 2026.
23.66 billion
Monthly transactions
₹29.88 trillion
$313 billion
Value moved
763.2 million
Daily run rate
₹1,263
$13.2
Average transaction
Monthly volume
23.66 billion transactions in July 2026
Selected milestones from NPCI's product-statistics series.
data.indiadispatch.com
Cash and UPI
UPI volume grew 21.5% in a year. Notes in circulation grew 12.8%
UPI counts a month of payment transactions while notes in circulation measure the stock of banknotes on a reporting Friday.
+12.8% year on year
UPI totals are from NPCI. Notes in circulation are from RBI’s Weekly Statistical Supplement.
Payment type · June 2026
Merchant payments lead in volume. Person-to-person transfers lead in value
NPCI labels merchant payments P2M and person-to-person transfers P2P. The value total counts both.
Share of transactions
P2M63.5%
P2P36.5%
Share of value
P2M29.8%
P2P70.2%
P2M average ticket
₹597$6.25Implied average across merchant payments.
P2P average ticket
₹2,451$25.7Implied average across person-to-person transfers.
Latest separately published P2P/P2M table: June 2026. NPCI defines P2M as person-to-merchant and P2P as person-to-person.
Bank reliability
Where UPI technical declines were highest
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 bankJune 2026
Top 50 by volume
| Bank | Technical decline | Volume |
|---|---|---|
| Telangana Grameena Bank | 6.07% | 57.9 million |
| Baroda U.P. Bank | 3.65% | 93.8 million |
| Punjab and Sind Bank | 3.11% | 72.3 million |
| Maharashtra Gramin Bank | 3% | 44.5 million |
| Esaf Small Finance Bank Ltd | 2.03% | 37.7 million |
| Sarva Haryana Gramin Bank | 1.64% | 31 million |
Receiving bankJanuary 2026
Top 50 by volume
| Bank | Technical decline | Volume |
|---|---|---|
| Fino Payments Bank Ltd. | 6.95% | 92.4 million |
| Baroda U.P. Bank | 1.85% | 38 million |
| Maharashtra Gramin Bank | 1.41% | 17.2 million |
| Telangana Grameena Bank | 1.25% | 21.7 million |
| Karnataka Gramin Bank | 0.74% | 27.4 million |
| Karnataka Bank | 0.72% | 64.8 million |
data.indiadispatch.com
These are monthly rates for the 50 members in each NPCI table. Each table carries its own published month.
The rest of the 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 RBI’s archive does not expose that monthly page.
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$2.41 trillion |
| NEFT | 858.2 million | ₹44.54 trillion$467 billion |
| IMPS | 353.9 million | ₹6.77 trillion$70.9 billion |
| Prepaid instruments | 888.3 million | ₹274.95 billion$2.88 billion |
| Cheque Truncation System | 42.6 million | ₹6.08 trillion$63.7 billion |
RBI Payment System Indicators. Source units are converted to international notation, and every monetary value is paired with USD at the site’s dated reference rate.
Merchant categories
What India pays for
Leading merchant categories in June 2026, compared over one month, six months and one year.
data.indiadispatch.com
Growth and decline, across three timeframes
The comparison covers only categories NPCI published in both months. Anything absent from either is left out.
Compared with May 2026
Growth
Transaction volume- Variety stores+12.3%
- Bakeries+6.6%
- Securities brokers and dealers+6.3%
- Online marketplaces+5.3%
- Department stores+3.2%
- Taxi-cabs and limousines+2.5%
Decline
Transaction volume- Mens, womens and childrens uniforms and commercial clothing−7.6%
- Mens and womens clothing shops−7.3%
- Telecommunication services−6.9%
- Purchase of digital gold−6.5%
- Beauty and barber shops−5.3%
- Family clothing shops−5%
Category volume, change and value
| Rank | Merchant category | Transactions | Month | Six months | One year | Value | Average payment |
|---|---|---|---|---|---|---|---|
| 01 | Groceries & supermarketsMCC 5411 | 3,739.59 million | −3.4% | +11.3% | +31.3% | ₹797.05 billion$8.35 billion | ₹213$2.23 |
| 02 | Fast food restaurantsMCC 5814 | 1,449.1 million | −3.6% | −3.9% | +26.7% | ₹174.18 billion$1.83 billion | ₹120$1.26 |
| 03 | Eating places & restaurantsMCC 5812 | 1,242.19 million | −3.8% | −1.6% | +12.7% | ₹214.85 billion$2.25 billion | ₹173$1.81 |
| 04 | Telecommunication servicesMCC 4814 | 824.26 million | −6.9% | −4.5% | −2.3% | ₹229.65 billion$2.41 billion | ₹279$2.92 |
| 05 | Service stationsMCC 5541 | 716.87 million | +1.2% | +8.4% | +21.2% | ₹471.84 billion$4.94 billion | ₹658$6.9 |
| 06 | Cigar shops & standsMCC 5993 | 416.69 million | −0.4% | +11.4% | +41.3% | ₹27.24 billion$285 million | ₹65$0.685 |
| 07 | BakeriesMCC 5462 | 396.69 million | +6.6% | +35.4% | +52.4% | ₹54.32 billion$569 million | ₹137$1.43 |
| 08 | Drug stores & pharmaciesMCC 5912 | 294.16 million | −0.6% | −11.7% | +15.1% | ₹124.29 billion$1.3 billion | ₹423$4.43 |
| 09 | DairiesMCC 5451 | 268.25 million | +1% | +52.6% | +58.6% | ₹59.25 billion$621 million | ₹221$2.31 |
| 10 | Purchase of digital goldMCC 5412 | 232.94 million | −6.5% | +27.1% | +172.6% | ₹25.53 billion$267 million | ₹110$1.15 |
| 11 | Package shops beer, wine and liquorMCC 5921 | 216.69 million | −2.3% | +23.5% | +47.2% | ₹91.65 billion$960 million | ₹423$4.43 |
| 12 | Debt collection agenciesMCC 7322 | 196.66 million | +2.2% | +11.7% | +34.3% | ₹690.33 billion$7.23 billion | ₹3,510$36.8 |
| 13 | Online marketplacesMCC 5262 | 158.01 million | +5.3% | +38.9% | +68.3% | ₹90.46 billion$948 million | ₹573$6 |
| 14 | Candy, nut and confectionery shopsMCC 5441 | 148.88 million | −4.3% | +29% | +44.1% | ₹28.01 billion$293 million | ₹188$1.97 |
| 15 | Government services not elsewhere classifiedMCC 9399 | 144.57 million | +1.8% | +19.6% | +40.6% | ₹103.71 billion$1.09 billion | ₹717$7.52 |
| 16 | Utilities electric, gas, water and sanitaryMCC 4900 | 143.97 million | −1.2% | −10.4% | −15.8% | ₹239.11 billion$2.51 billion | ₹1,661$17.4 |
| 17 | Freezer and locker meat provisionersMCC 5422 | 125.67 million | −4.4% | −3.2% | +24.4% | ₹43.12 billion$452 million | ₹343$3.6 |
| 18 | Mens and womens clothing shopsMCC 5691 | 119.23 million | −7.3% | −2.9% | +41.4% | ₹117.93 billion$1.24 billion | ₹989$10.4 |
| 19 | Drinking places (alcoholic beverages) bars, taverns, night-clubs, cocktail lounges and discothèquesMCC 5813 | 93.11 million | −4% | +2.5% | +7.2% | ₹37.79 billion$396 million | ₹406$4.25 |
| 20 | Department storesMCC 5311 | 89.24 million | +3.2% | +14.3% | +39.2% | ₹53.94 billion$565 million | ₹604$6.33 |
| 21 | Electronics shopsMCC 5732 | 88.14 million | −0.3% | +6% | +12.3% | ₹120.52 billion$1.26 billion | ₹1,367$14.3 |
| 22 | Variety storesMCC 5331 | 86.9 million | +12.3% | +26.3% | +46.8% | ₹38.86 billion$407 million | ₹447$4.69 |
| 23 | Beauty and barber shopsMCC 7230 | 85.96 million | −5.3% | +1.6% | +15.4% | ₹24.03 billion$252 million | ₹280$2.93 |
| 24 | Electronics repair shopsMCC 7622 | 83.57 million | −2.4% | +4.6% | +13.5% | ₹24.87 billion$261 million | ₹298$3.12 |
| 25 | Family clothing shopsMCC 5651 | 80.35 million | −5% | +8.1% | Not comparable | ₹70.6 billion$740 million | ₹879$9.21 |
| 26 | Taxi-cabs and limousinesMCC 4121 | 77.55 million | +2.5% | +1.1% | +20.2% | ₹12.28 billion$129 million | ₹158$1.66 |
| 27 | Securities brokers and dealersMCC 6211 | 74.22 million | +6.3% | +5.4% | +31.8% | ₹609.45 billion$6.39 billion | ₹8,211$86 |
| 28 | Mens, womens and childrens uniforms and commercial clothingMCC 5137 | 73.57 million | −7.6% | −12.7% | +9.7% | ₹69.55 billion$729 million | ₹945$9.91 |
| 29 | Passenger railwaysMCC 4112 | 69.41 million | −3.8% | −15.3% | −5.3% | ₹47.71 billion$500 million | ₹687$7.2 |
Geography
Volume and value by state
State and union-territory totals in June 2026, followed by activity NPCI leaves unclassified. Shares use the same month’s national total.
| Rank | State / UT | Transactions | Volume share | Value | Value share |
|---|---|---|---|---|---|
| 01 | Maharashtra | 2,221.42 million | 9.78% | ₹2.67 trillion$28 billion | 9.25% |
| 02 | Uttar Pradesh | 1,221.7 million | 5.38% | ₹1.53 trillion$16.1 billion | 5.3% |
| 03 | Karnataka | 1,175.34 million | 5.17% | ₹1.66 trillion$17.4 billion | 5.75% |
| 04 | Tamil Nadu | 908.74 million | 4% | ₹1.42 trillion$14.9 billion | 4.9% |
| 05 | Telangana | 900.79 million | 3.97% | ₹1.48 trillion$15.5 billion | 5.11% |
| 06 | Andhra Pradesh | 632.22 million | 2.78% | ₹1.08 trillion$11.3 billion | 3.74% |
| 07 | Gujarat | 567.66 million | 2.5% | ₹847.32 billion$8.88 billion | 2.93% |
| 08 | Rajasthan | 557.02 million | 2.45% | ₹825.64 billion$8.65 billion | 2.85% |
| 09 | Delhi | 516.17 million | 2.27% | ₹661.04 billion$6.93 billion | 2.29% |
| 10 | Bihar | 502.75 million | 2.21% | ₹701.31 billion$7.35 billion | 2.42% |
| 11 | West Bengal | 486.19 million | 2.14% | ₹675.68 billion$7.08 billion | 2.34% |
| 12 | Madhya Pradesh | 479.06 million | 2.11% | ₹667.58 billion$6.99 billion | 2.31% |
| 13 | Kerala | 454.91 million | 2% | ₹634.9 billion$6.65 billion | 2.2% |
| 14 | Haryana | 438.82 million | 1.93% | ₹615.65 billion$6.45 billion | 2.13% |
| 15 | Odisha | 305.71 million | 1.35% | ₹401.34 billion$4.21 billion | 1.39% |
| 16 | Assam | 238.73 million | 1.05% | ₹244.11 billion$2.56 billion | 0.84% |
| 17 | Punjab | 234.65 million | 1.03% | ₹398.74 billion$4.18 billion | 1.38% |
| 18 | Jharkhand | 191.82 million | 0.84% | ₹249.61 billion$2.62 billion | 0.86% |
| 19 | Chhattisgarh | 145.87 million | 0.64% | ₹189.4 billion$1.98 billion | 0.65% |
| 20 | Uttarakhand | 134.18 million | 0.59% | ₹169.62 billion$1.78 billion | 0.59% |
| 21 | Jammu and Kashmir | 101.23 million | 0.45% | ₹130.97 billion$1.37 billion | 0.45% |
| 22 | Himachal Pradesh | 71.39 million | 0.31% | ₹94.84 billion$994 million | 0.33% |
| 23 | Goa | 36.09 million | 0.16% | ₹54.85 billion$575 million | 0.19% |
| 24 | Chandigarh | 26.99 million | 0.12% | ₹34.24 billion$359 million | 0.12% |
| 25 | Arunachal Pradesh | 24.55 million | 0.11% | ₹31.17 billion$327 million | 0.11% |
| 26 | Puducherry | 21.33 million | 0.09% | ₹29.96 billion$314 million | 0.1% |
| 27 | Meghalaya | 19.12 million | 0.08% | ₹22.55 billion$236 million | 0.08% |
| 28 | Manipur | 17.95 million | 0.08% | ₹32.68 billion$342 million | 0.11% |
| 29 | Tripura | 16.81 million | 0.07% | ₹21.58 billion$226 million | 0.07% |
| 30 | Mizoram | 15.16 million | 0.07% | ₹20.97 billion$220 million | 0.07% |
| 31 | Nagaland | 14.42 million | 0.06% | ₹20.04 billion$210 million | 0.07% |
| 32 | Dadra & Nagar Haveli & Daman & Diu | 11.09 million | 0.05% | ₹12.23 billion$128 million | 0.04% |
| 33 | Sikkim | 10.23 million | 0.05% | ₹13.97 billion$146 million | 0.05% |
| 34 | Ladakh | 5.4 million | 0.02% | ₹10.16 billion$106 million | 0.04% |
| 35 | Andaman and Nicobar Islands | 4.09 million | 0.02% | ₹6.19 billion$64.8 million | 0.02% |
| 36 | Lakshadweep | 0.69 million | <0.01% | ₹699.8 million$7.33 million | <0.01% |
| N/A | Unclassified | 10,005.78 million | 44.05% | ₹11.25 trillion$118 billion | 38.91% |
UPI apps
UPI market share by app
PhonePe and Google Pay held 79.2% of payer-app volume in June 2026, compared with 81.1% six months earlier.
PhonePe and Google Pay
79.2%81.1% six months ago. Change over six months: −1.9 pp.
data.indiadispatch.com
App share in June 2026 vs six months ago
| Rank | Application | Transactions | Value | June 2026 share | Six months ago | Change |
|---|---|---|---|---|---|---|
| 01 | PhonePe | 10,483.73 million | ₹14.19 trillion$149 billion | 46.43% | 46.44% | −0 pp |
| 02 | Google Pay | 7,407.71 million | ₹9.67 trillion$101 billion | 32.8% | 34.65% | −1.8 pp |
| 03 | Paytm | 1,798.84 million | ₹1.93 trillion$20.2 billion | 7.97% | 7.7% | +0.3 pp |
| 04 | Navi | 842.51 million | ₹439.49 billion$4.6 billion | 3.73% | 3.18% | +0.5 pp |
| 05 | super.money | 430.24 million | ₹202.52 billion$2.12 billion | 1.91% | 1.36% | +0.5 pp |
| 06 | Bhim | 223.54 million | ₹256.13 billion$2.68 billion | 0.99% | 0.74% | +0.3 pp |
| 07 | FamApp | 195.31 million | ₹26.66 billion$279 million | 0.86% | 0.75% | +0.1 pp |
| 08 | 150.48 million | ₹113.92 billion$1.19 billion | 0.67% | 0.48% | +0.2 pp | |
| 09 | Cred | 141.78 million | ₹551.17 billion$5.78 billion | 0.63% | 0.75% | −0.1 pp |
| 10 | Axis Bank Apps | 136.16 million | ₹131.21 billion$1.37 billion | 0.6% | 0.69% | −0.1 pp |
| 11 | Kotak Mahindra Bank Apps | 122.08 million | ₹148.48 billion$1.56 billion | 0.54% | 0.45% | +0.1 pp |
| 12 | Amazon Pay | 84.2 million | ₹101.57 billion$1.06 billion | 0.37% | 0.41% | −0 pp |
| 13 | Mobikwik | 68.67 million | ₹81.15 billion$850 million | 0.3% | 0.3% | +0 pp |
| 14 | HDFC Bank Apps | 65.57 million | ₹170.44 billion$1.79 billion | 0.29% | 0.36% | −0.1 pp |
| 15 | Slice Small Finance Bank Apps | 64.61 million | ₹56.42 billion$591 million | 0.29% | 0.16% | +0.1 pp |
| 16 | Yes Bank Apps | 48.21 million | ₹75.36 billion$790 million | 0.21% | 0.23% | −0 pp |
| 17 | ICICI Bank Apps | 47.95 million | ₹218 billion$2.28 billion | 0.21% | 0.34% | −0.1 pp |
| 18 | IDFC Bank Apps | 46.17 million | ₹37.07 billion$388 million | 0.2% | 0.07% | +0.1 pp |
| 19 | State Bank of India Apps | 23.15 million | ₹59.78 billion$626 million | 0.1% | 0.07% | +0 pp |
| 20 | Unity Small Finance Bank Apps | 19.31 million | ₹22.91 billion$240 million | 0.09% | <0.01% | +0.1 pp |
Quick answers
Questions this page answers
How does the newest official release describe monthly UPI volume?
The newest verified data show that the UPI network processed 23.66 billion transactions in July 2026.
How does the newest official release describe daily UPI activity?
The newest verified data show that the July 2026 monthly total works out to 763.2 million transactions a day.
How does the newest official release describe UPI app and category release dates?
The newest verified data show that network totals are for July 2026, while app data are for June 2026 and merchant categories are for June 2026; these release clocks are separate.