New Delhi: Unified Payments Interface (UPI) set a new record in August, crossing 20.01 billion transactions for the first time, up 34% year-on-year, NPCI data showed. The transaction value stood at ₹24.85 lakh crore, marking a 24% annual growth.

Daily transactions averaged 645 million, with Maharashtra leading in digital payments, followed by Karnataka and Uttar Pradesh, according to SBI Research. Peer-to-merchant (P2M) transactions now account for 64% of UPI volume and 29% of its value, highlighting India’s rapid shift towards cashless payments.

Earlier on August 2, UPI also hit a record of 700 million transactions in a single day.