Now Reading: UPI transactions hit record ₹29.9 lakh crore in July 2026
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UPI transactions hit record ₹29.9 lakh crore in July 2026
UPI transactions in July 2026 crossed ₹29.88 lakh crore in value, up 19% from a year ago, with 23.66 billion transactions, the National Payments Corporation of India data shows. This beats May's…
The Story in Brief
UPI transactions in July 2026 crossed ₹29.88 lakh crore in value, up 19% from a year ago, with 23.66 billion transactions, the National Payments Corporation of India data shows. This beats May's record of ₹29.9 lakh crore. Meanwhile, the government is considering legal changes to allow merchant fees on UPI payments above Rs 2,000, sparking debate. SBI chairman CS Setty told the Times of India that banks cannot isolate UPI-specific costs as most infrastructure is shared. Fintech executives say costs for IT, innovation, and cyber security have risen nearly 300% in 12, 24 months, and expect merchant discount rates of 0.05, 0.07% for large shops.
The Indian Opinion
Talk of UPI charges revives the old tension between free payments and fair cost recovery. The government's plan to tax only large merchants above Rs 2,000 seems measured, but watch for the fine print: will small shopkeepers and users be truly shielded? The real test is whether India's digital public good can stay universally accessible and still fund the security and innovation it needs.
Sources (2): government.economictimes.indiatimes.com, timesofindia.indiatimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
