Reeju Datta, Co-founder, Cashfree Payments
“August 2026 marks another milestone for UPI, achieving a second consecutive monthly record with 24.51 billion transactions. However, overall payment value has remained consistent, reaching ₹29.82 lakh crore in August following ₹29.88 lakh crore in July and ₹29.90 lakh crore in May. This sustained high volume alongside a plateauing transaction value demonstrates that UPI is maturing and is being used for daily low-ticket transactions which were earlier being done through cash.
The volume growth in August was further bolstered by festive activity such as Raksha Bandhan, which naturally drove a surge in everyday P2P transfers and small-ticket gifting. The steady and consistent aggregate transaction value with increase in volume over the past three months underscores the expanding reach and depth of the UPI ecosystem. This trend reflects accelerating adoption among first-time digital users across Tier-2+ markets as well as widespread acceptance among micro and street merchants, signaling a healthy, highly accessible, and maturing digital payment network.
Looking ahead, the upcoming festive season presents an exciting growth frontier. As consumer spending shifts toward higher-value categories like electronics and apparel, UPI is exceptionally well-positioned to capture both volume and value expansion. Furthermore, emerging avenues such as Credit on UPI and international expansion are set to unlock higher ticket sizes, further driving the platform’s robust value trajectory.”
Deepak Chand Thakur, Co-Founder & CEO, NPST
“UPI crossing 24.51 billion transactions in August, its highest ever, is not just another number on the scoreboard. It reflects something deeper, digital payments have now settled into the everyday life of India, the kirana purchase, the auto fare, the neighbourhood vendor who once ran purely on cash. Ticket sizes coming down even as volumes rise tells us this growth is organic and widely distributed, not concentrated in a few pockets.
This changes what the ecosystem needs going forward. It is no longer only about scale, it is about doing this reliably, securely and profitably at very thin ticket sizes. For banks, particularly smaller and regional institutions, access to modern, scalable payment infrastructure will be critical to participate meaningfully in this economy. As the festive season approaches and new use cases such as credit on UPI start to mature, continued investment in resilient, intelligent infrastructure will be key to sustaining India’s leadership in digital payments.”
Siddharth Mehta, Co-founder and COO of Kiwi
“The steady growth of UPI reflects a fundamental shift in how consumers manage and make payments today. With festive season just ahead the transactions are reaching 24.51 billion in August and transaction value is rising to ₹29.82 lakh crore highligiting how UPI is increasingly being used not only for everyday payments but also for larger purchases.
As consumer adoption evolves, so does the role of UPI in the broader financial ecosystem. Solutions such as Credit on UPI and EMI on UPI are enabling consumers to manage larger purchases with greater flexibility and better cash-flow management. With UPI now averaging 791 million transactions a day, we believe its next phase of growth will be defined not just by transaction volumes, but by the wider financial experiences it can enable for consumers.”