UPI in August: Debt collections, digital goods games, securities brokers see sharp value drop
07 Sep 2025, 03:53 PMDigital goods: games also saw UPI payments decline to Rs 7,441 crore in August, from Rs 10,076 crore in July.
Arti Singh
Share the story on
According to a merchant category-wise data released by National Payments Corporation of India (NPCI) for the month of August 2025, total number of UPI transactions stood at 12,705 million, compared to 12,388 million recorded in July 2025.
The value of transactions, however, fell to Rs 7.23 lakh crore in August from Rs 7.34 lakh crore in July.
While overall transaction volumes remained largely unchanged between the two months, certain categories recorded a sharp fall in value.
In August 2025, debt collection agencies collected Rs 77,007 crore in UPI payments through 151.5 million transactions -- down from Rs 93,857 crore in UPI payments through 161.36 million transactions in July 2025.
Digital goods: games also saw UPI payments decline to Rs 7,441 crore in August, from Rs 10,076 crore in July.
Securities brokers and dealers witnessed a sharp fall as well, with transaction values dropping from Rs 61,080 crore in July to Rs 45,687 crore in August.
The 'others' category saw 130 million more transactions in August over July, translating into an additional Rs 17,000 crore in value.
The government banned online real-money gaming on August 20. It isn’t clear yet what share of the overall value decline can be directly linked to gaming, but the coming months will reveal how drastically the numbers shift. To understand the real impact of the ban on UPI transactions -- and how the shadow economy of gaming continues to operate -- read our detailed story.
The author is Founder and Editor of The Head and Tale. She can be reached at
[email protected]
Tweets @artijourno
Who Reads Us
“I enjoy reading The Head and Tale for their coverage on the Fintech landscape. The reporting is incisive and honest, and it demonstrates a sharp understanding of the industry and the issues that concern it. I'd like to extend my best wishes to Arti for her continued success.”
“Well-researched, informative and analysis based reporting makes an interesting read. 'The Head and Tale' news portal has been demonstrating this quite well covering fintech and emerging tech sectors. Their timely updates, exclusive stories and different perspectives on these sectors help me stay informed. Kudos to Arti Singh for pursuing her passion and best wishes to the team.”
“The Head and Tale stands out for its deep industry knowledge and impressive network of sources. I especially appreciate that the reporting remains independent, rarely resorting to paid puff pieces, making it a publication I can genuinely trust. Having followed Arti’s work for years, I’ve come to rely on The Head and Tale for its unparalleled insight and truly independent coverage. Arti’s long-standing presence in the sector means her reporting is always informed, with access few can match.”
“What I really appreciate about The Head and Tale is that it doesn’t just report the news, it interprets it. The stories are well-researched, comprehensive, and bold. Arti brings a fearless lens to reporting, often asking the uncomfortable but necessary questions. She makes you pause, reflect, and rethink what it all means for the payments and fintech ecosystem. It’s rare to find journalism that’s this sharp, timely, and relevant to the work we do every day.”
“I’ve always valued journalism that goes beyond surface-level headlines. The Head and Tale does exactly that - it connects the dots, asks the tough questions, and brings clarity to the shifts shaping our evolving industry. I’ve even encouraged my team members to subscribe, because staying informed through credible, deeply reported stories is as important as building products. For me, The Head and Tale has become part of essential reading.”
