UPI's record-breaking day highlights India's digital payments boom
India's digital payment revolution reached a new peak on August 2, 2025, as the Unified Payments Interface (UPI) clocked over 707 million transactions in a single day — its highest ever. The milestone was confirmed by the National Payments Corporation of India (NPCI), signalling the platform's explosive growth and central role in the country's financial ecosystem.
UPI, which had been averaging around 650 million daily transactions through July, saw a surge at the beginning of August. Experts believe the spike was driven by routine rent transfers, salary payments, and utility bill settlements that typically occur at the start of each month.
The new record marks a dramatic rise in UPI's adoption. In 2023, the platform was averaging 350 million transactions a day. That figure rose to 500 million by August 2024 and has now comfortably crossed the 700 million mark. The Government of India has set an ambitious target of hitting 1 billion daily transactions by 2026.
The real-time payment system, which allows seamless peer-to-peer and merchant transactions via mobile apps, has become the default choice for digital payments in India. Over 85 per cent of all digital transactions in the country now happen through UPI, with merchant payments accounting for nearly 62 per cent of the total volume — indicating strong uptake by businesses both large and small.
Powered by apps like PhonePe, Google Pay, Paytm, BHIM, and banking applications including SBI Yono, ICICI iMobile, and HDFC PayZapp, UPI links multiple bank accounts to a single mobile interface. Users can transfer funds using just a mobile number or UPI ID, eliminating the need to input card details or bank information.
The platform is not just reshaping India's financial landscape but is also challenging global payment giants such as Visa and Mastercard in terms of daily volume. Unlike traditional card networks that use delayed settlement models, UPI processes payments in real time — offering a faster, more efficient alternative.
The Reserve Bank of India (RBI) has also voiced support for reintroducing Merchant Discount Rate (MDR) on UPI transactions — at least for high-value merchant payments — to ensure the long-term viability of the platform.
Internationally, India is looking to replicate UPI's success. At the BIMSTEC Summit in Bangkok earlier this year, Prime Minister Narendra Modi proposed linking UPI with payment systems in other member nations to promote cross-border trade, business, and tourism. He also offered to share India's experience in building Digital Public Infrastructure (DPI), suggesting a pilot study to tailor solutions to regional needs.
UPI's global ambitions were further cemented last year when it was formally launched at the Eiffel Tower during the Republic Day reception in Paris — a symbolic step in India's effort to make UPI a global standard for digital transactions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
9 hours ago
- Daily Tribune
Xi says China, Brazil can model ‘self-reliance' for Global South
TDT | Beijing China's President Xi Jinping told his Brazilian counterpart Tuesday the two countries could set an example of 'self-reliance' for emerging powers, as trade and geopolitical challenges mount. The two leaders have both sought in recent months to present their countries as staunch defenders of the multilateral trading system -- in stark contrast with US President Donald Trump's tariff onslaught. Xi's call with Brazilian President Luiz Inacio Lula da Silva on Tuesday came just hours after Trump announced another 90-day pause to blistering tariffs on China. It also followed indications from Lula last week he planned to speak with the leaders of India and China to consider a coordinated response to US trade measures. Xi told Lula that ties between China and Brazil are now at an all-time high, according to state news agency Xinhua. He said China would 'work with Brazil to set an example of unity and self-reliance among major countries in the Global South' and 'jointly build a more just world and more sustainable planet', according to Xinhua. Xi added that 'all countries should unite and firmly oppose unilateralism and protectionism', Xinhua reported -- a thinly veiled reference to US tariffs. A statement by the Brazilian presidency said the phone call lasted about an hour, during which time Lula and Xi discussed a range of topics including the war in Ukraine and combatting climate change. 'Both agreed on the role of the G20 and BRICS in defending multilateralism', the statement said, referring to the Group of Twenty major economies and a bloc of emerging powers.
Daily Tribune
2 days ago
- Daily Tribune
Google delays some Pixel 10 accessories and foldable handset amid supply chain hurdles
TDT | agencies As anticipation builds for Google's 'Made by Google' launch on August 20, 2025, not all eagerly awaited products may hit shelves right away. According to leaks from German outlet WinFuture, the Pixel 10 Pro Fold, Pixel Watch 4, and Pixel Buds 2a are expected to debut at the event—but won't be available for purchase until October 9, due to reported supply chain issues. This creates an ironic contrast: Google's teaser for the Pixel 10 series cheekily mocked Apple for delays in rolling out AI-powered Siri enhancements. Now, Google's own hardware is facing similar setbacks. If accurate, the new devices would launch well over a month after the core Pixel 10 line becomes available—likely around August 28. Despite the delay, interest remains high. A recent marketing mishap revealed all four Pixel 10 models—including the Fold and Pro variants—in a sneak preview, showing off new shades like Moonstone and Jade. Detailed render leaks have also offered clear views of the Pixel 10 and Pixel 10 Pro designs—featuring flat screens, prominent bezels, and a range of color options such as Obsidian, Frost, Moonstone, and Jade. Meanwhile, excitement is also building over new AI features across the Pixel line. A standout reveal is the AI-powered Camera Coach, which aims to give users real-time tips on angles, lighting, and composition—an assistive tool that could appeal even to AI skeptics. In summary, while Google's Pixel 10 phones are on track for a timely debut, several companion products may require patience. Consumers eyeing the watch, earbuds, and foldable model may need to wait until October before they're ready to buy.
Daily Tribune
2 days ago
- Daily Tribune
Apple teases future tech direction
TDT | agencies Apple's famously stealthy approach to product development may be shifting gears, with CEO Tim Cook offering rare glimpses of its next wave of innovations. In recent earnings calls and interviews, Cook reaffirmed that the iPhone remains central to Apple's ecosystem—even in a future featuring AI-powered devices. 'It's difficult to see a world where iPhone's not living in it,' he stated, emphasizing that emerging devices are intended to complement the iPhone, not replace it. One area of growing interest is smart eyewear. Though Cook initially dismissed glasses as impractical in 2015, he has since updated that view. He cites the Vision Pro—released in 2024—as only the 'early innings' of Apple's progress in augmented reality and hinted at ongoing work to shrink and refine wearable designs. Apple is also reportedly exploring foldable devices—a move into a segment already occupied by competitors like Google and Samsung. In his signature 'not first, but best' spirit, Cook's comments suggest that Apple is taking its time to ensure any foldable technology meets its established standards for polish and functionality. These developments form part of a broader strategy where AI, AR wearables, and novel form factors appear set to shape Apple's long-term roadmap. Yet despite the hints, Apple maintains its trademark reserve—preferring to prioritize refinement over rushing into new categories.
