Archive · 28 Aug 2026
India’s Merchant Digital Payments Reach Rs 11.7 Trillion in July
People in India spent more money digitally at shops and online in July 2026.
The total reached about Rs 11.73 lakh crore.
This was 19.6% more than in July last year.
It was also 5% higher than in June.
UPI payments were the biggest part of this spending.
Credit card purchases also increased.
Debit card spending fell slightly compared with last year.
Online shopping made up most credit card spending.
Digital payments to Indian merchants rose 19.6% year-on-year to Rs 11.73 lakh crore in July 2026.
Merchant payments increased 5% from June’s Rs 11.17 lakh crore, according to Equirus Securities data.
UPI-P2M transactions grew 23.5% year-on-year to Rs 9.066 lakh crore, representing 77.3% of merchant payments.
Credit card spending rose 7.4% year-on-year to Rs 2.081 lakh crore, while debit card spending fell 0.8%.
Credit cards in force increased to 122.9 million, with e-commerce accounting for 63.6% of credit card spending.
- Who
- Indian merchants and consumers using digital payment methods; the figures were compiled by Equirus Securities.
- What
- Digital payments to merchants rose 19.6% year-on-year to Rs 11.73 lakh crore in July 2026.
- When
- July 2026, compared with July 2025 and June 2026.
- Where
- India.
- Why
- Growth was driven mainly by UPI-P2M transactions and credit card spending.
- Total merchant payments
- Rs 11.73 lakh crore in July 2026
- Year-on-year growth
- 19.6%
- Month-on-month growth
- 5% from Rs 11.17 lakh crore in June 2026
- UPI-P2M payments
- Rs 9.066 lakh crore, or 77.3% of the total
- Credit card spending
- Rs 2.081 lakh crore, or 17.7% of the total
- Credit cards in force
- 122.9 million in July, up by 1.267 million from June
- E-commerce share of credit card spending
- 63.6%