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.