Ten years ago, instant digital payments through a common platform were just taking off in India. Today, the Unified Payments Interface (UPI) processes more than 66 crore transactions every day, becoming a central part of the country’s digital payments ecosystem.Launched on August 25, 2016, UPI recorded 1.78 crore transactions in 2016-17. The annual volume had risen to more than 24,162 crore by 2025-26, representing an almost 13,000-fold jump, the finance ministry said.The value handled through the platform grew at a similarly rapid pace. Transactions worth Rs 0.07 lakh crore were recorded in 2016-17, compared with around Rs 314 lakh crore in 2025-26, an increase of more than 4,000 times.UPI was developed by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI).Its growth has also been reflected in the number of banks participating in the network. From 44 banks in its first year of operations, the number of banks live on UPI rose to 703 by 2025-26.
UPI hits new highs in 2026
The platform reached another landmark in 2026 when monthly transaction volumes crossed 2,300 crore for the first time. May saw 2,320 crore transactions, while July surpassed that figure with 2,366 crore transactions, the highest monthly volume recorded in UPI’s 10-year history.The 24,162 crore transactions recorded during FY26 underlined the platform’s integration into everyday digital payments across the country. The finance ministry also pointed to robust momentum in the merchant segment.From everyday payments to digital public infrastructureUPI’s role now extends across peer-to-peer as well as peer-to-merchant payments. The finance ministry said the interoperable, real-time system, accessible through a single interface, has become a key pillar of India’s digital public infrastructure.Its expansion has enabled individuals, businesses and merchants to access formal digital payments, while helping expand digital financial services, bridge the digital divide and strengthen financial inclusion. The rise in both transaction numbers and values has also deepened UPI’s role in India’s high-frequency retail payments ecosystem.
India’s UPI goes global
The platform’s reach has attracted international recognition. The International Monetary Fund (IMF) has identified UPI as the world’s largest real-time payment system by transaction volume. In 2025, UPI accounted for nearly 49 per cent of global real-time payment transaction volumes, according to the IMF.UPI’s expansion has also moved beyond India’s borders. The platform is operational in 11 countries: the UAE, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and Maldives.The government said the next decade would bring another phase of expansion for the payments platform, with efforts aimed at adding more users and merchants.“By bringing new users and merchants to the UPI ecosystem, Government of India remains committed to enabling the next phase of UPI-led innovation and strengthening India’s digital payments ecosystem through continued policy support, technological advancement, and greater financial inclusion,” it said.
