By Dilip Modi, Founder & CEO, Spice Money
“Crossing 20.01 billion UPI transactions in August 2025 is a remarkable milestone that reflects the depth and resilience of India’s digital economy. A 34% year-on-year surge and steady month-on-month growth show that while digital payments may have started as an urban trend, they are now rapidly catching on in rural Bharat and becoming a way of life for millions. From small merchants and farmers to gig workers and daily wage earners, we are witnessing how trust in UPI has grown because of its simplicity, speed, and near-zero transaction cost.
This achievement is also a tribute to the strength of India’s digital public infrastructure and the pioneering role of NPCI in making finance more inclusive and innovative. What excites me most is that UPI is going beyond payments to create digital transaction records that can eventually help underserved communities access credit, insurance, and savings products more easily.
At Spice Money, our Adhikaris see this transformation every day. Rural India is moving from cash-first to digital-first, rewriting its financial story. UPI’s scale reinforces India’s position as a global leader in digital payments and proves that with the right infrastructure, awareness, and trust, technology can truly empower every citizen and transform the economy from the grassroots up.”