In August 2025, India’s largest Public Sector Bank (PSB), State Bank of India (SBI)’s Economic Research Department (ERD) released its latest report on Unified Payments Interface (UPI) transactions. The report highlighted that UPI transactions have expanded significantly in 2025, both in terms of value and volume.
- In terms of value, the report showed that the average daily UPI transactions have increased from Rs 75, 743 crore (in January 2025) to Rs 80, 919 crore (in July 2025) and to Rs 90, 446 crore in August 2025 (so far).
- In terms of volume, the average daily transaction volume has increased by 127 million, to 675 million in August 2025 compared with January 2025.
Exam Hints:
- What? Release of Report on UPI Transactions in India (in terms of value and volume)
- Released by: SBI’s Economic Research Department Report (ERD)
- Average Daily UPI transactions increased to: Rs 80, 919 crore (in July 2025) and to Rs 90, 446 crore in August 2025 (so far)
- Average daily transaction volume Increased to: 675 million (in August 2025)
- Top 5 states on UPI usage: Maharashtra (9.8%), Karnataka (5.5%), UP (5.3%), Telangana (4.1%) and TN (4%)
- Top 5 state in terms of transaction value:Â Maharashtra (9.2%), Karnataka (5.8%), UP (5.3%), Telangana (5.1%) and TN (4.7%)
- Overall share of UPI value has increased to:91% (as of May 2025)
- Top Remitter Bank: SBI (handling 5.2 billion transactions)
- Top Beneficiary Bank: Yes Bank Limited (nearly 8 billion transactions)
Key Findings:
State-wise UPI usage:Â Maharashtra has topped among all Indian states in UPI usage, accounting for 9.8% volume share in July 2025. It is followed by Karnataka (5.5%), Uttar Pradesh (UP) (5.3%), Telangana (4.1%) and Tamil Nadu (TN) (4%).
State-wise share in terms of value: Maharashtra emerged as the number one state in terms of transaction value, with 1,905 million UPI transactions worth Rs 2.30 lakh crore (accounting for 9.2% value share in July 2025).
- It is followed by Karnataka with Rs 1.45 lakh crore (5.8%), UP with Rs 1.31lakh crore (5.3%), Telangana (5.1%) and TN (4.7%).
Structural Shift to UPI over Cash & debit cards: The report highlighted structural transition from cash and debit cards to UPI for instance; the share of UPI in value has increased from 40% (in November 2019) to 62% (in January 2021) to 91% (in May 2025).
Top Remitter & Beneficiary Bank: As per the report, SBI emerged as the top remitter bank with 5.2 billion transactions, which is 3.4 times higher than HDFC Bank Limited, the 2nd –biggest remitter bank.
- While, Yes Bank Limited emerged as the leading beneficiary bank with nearly 8.0 billion transactions.
Top 3 UPI Platforms: PhonePe topped among all UPI platforms used for transactions, with 8,931 million transactions worth Rs 12.20 lakh crore, followed by Google Pay (with 6,923 million transactions worth Rs 8.91 lakh crore), and Paytm (with 1,366 million transactions worth Rs 1.43 lakh crore).
Recent Related News:
In July 2025, SBI Research, the economic research division of SBI, released its latest research report on Octennial Anniversary of Goods and Services Tax (GST). As per the report, 5 states namely, Uttar Pradesh (UP), Maharashtra, Gujarat, Tamil Nadu (TN) and Karnataka, account for nearly 50% of the total active GST taxpayers in India.
- UP led the top 5 states, contributing 13.2% of all active GST taxpayers in India, followed by Maharashtra (12.1%), Gujarat (8.4%), TN (7.7%), and Karnataka (6.9%).