UPI captured a record 77.3% of person-to-merchant transactions in July, steadily outpacing debit and credit cards, which continue to lose market share in India.
Credit cards are losing ground to UPI
Aug 30, 2026
03:53 pm
What's the storyIndia's digital merchant payments market is witnessing a major shift.
According to a report by Equirus, the Unified Payments Interface (UPI) has captured a record 77.3% of person-to-merchant transactions in July.
UPI now dominates India's digital merchant payments, capturing a significant market share. Credit and debit cards are steadily…
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UPI transactions soared to ₹29.9 lakh crore in July 2026, marking a significant milestone in India's digital payment revolution.
Unified Payments Interface (UPI) transactions saw a slight dip in June, reaching Rs 28.9 lakh crore, down from May's record high.…
