Data released by the National Payments Corporation of India (NPCI) showed transaction volumes rose 3.6% from 23.66 billion in July, while the value of transactions dipped marginally month-on-month.

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.

Discover how UPI revolutionizes digital payments in India, enabling instant bank transactions through a complex, secure system.