By Reeju Datta, Co-founder, Cashfree Payments on monthly UPI numbers.
“While the UPI volume for the month of June has decreased month-on-month, the month’s daily average of 757 million transactions is the highest ever recorded since the launch of UPI. These daily averages tell a very interesting story of how UPI has become the default mode of payment for low-value transactions.
From February to June 2026, daily UPI value has been flat, oscillating between Rs. 95,000 crore and Rs. 97,000 crore, even as daily transaction counts keep climbing. The average ticket size for UPI transactions has compressed from Rs. 1,445 in June 2024 to Rs. 1,273 in June 2026. This is because UPI has now become the default payment method for everyday small-ticket commerce across India. As a consequence, it has now saturated that segment with people preferring this method over cash.
At this point in UPI’s growth, transaction count growth alone cannot increase transaction value going forward. Volumes growing at 23% a year with values growing at 20% is a sign of a healthy system. However, the next phase of volume growth for UPI will come from products like Credit on UPI and credit card on UPI. It introduces higher ticket sizes onto rails that currently run almost entirely on debit. When that scales, it will be visible in payment values.”