India, Aug. 5 -- India's Unified Payments Interface (UPI) has reached a new milestone, crossing 700 million transactions in a single day for the first time on August 2, according to NPCI data reported by Moneycontrol. Meanwhile, ICICI Bank has begun charging payment aggregators like PhonePe and Google Pay a fee per transaction, sparking fresh debate on the sustainability of UPI's zero-fee model.

In July 2025, UPI processed a record 19.47 billion transactions totalling nearly Rs.25.1 lakh crore, reflecting a 35% year-on-year increase by volume and 22% by value. With daily volume steadily rising, from 628 million in June to over 700 million in early August, the government's goal of reaching 1 billion UPI transactions per day looks increasi...