UPI completes 10 years: Transactions surge nearly 13,000-fold since launch

The Unified Payments Interface (UPI), which was launched on August 25, 2016, has completed a decade of transforming India's digital payments landscape, emerging as the backbone of the country's digital payments ecosystem and a global benchmark for real-time payments.

Annual UPI transaction volume rose from 1.78 crore in 2016-17 to more than 24,162 crore in 2025-26, an almost 13,000-fold increase, the finance ministry said in a statement.

During the same period, transaction value jumped from Rs 0.07 lakh crore to around Rs 314 lakh crore, representing a more than 4,000-fold rise, it said.

UPI's decade of rapid growth

Developed by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), UPI has recorded an unprecedented expansion in both transaction volume and value over the past 10 years, it said.

The year 2026 marked a significant milestone in the growth trajectory of UPI, it said, adding that monthly transaction volumes crossed 2,300 crore for the first time in May 2026, reaching 2,320 crore transactions, signalling a new scale of adoption.

This momentum continued through the year, with July 2026 recording 2,366 crore transactions, the highest monthly transaction volume in UPI's decade-long journey, it said.

Number of UPI-enabled banks rises

UPI has witnessed a steady and broad-based expansion in institutional participation since its launch. The number of banks live on UPI increased from 44 banks in 2016-17, the first year of operations, to 703 banks by 2025-26.

In FY26, it said, UPI transactions totalling 24,162 crore reflected the platform's deep integration into everyday digital payment usage across the country, with robust momentum in the merchant segment.

UPI strengthens digital financial inclusion

The statement noted that the UPI has emerged as a key pillar of India's digital public infrastructure, providing an interoperable, real-time platform for seamless peer-to-peer and peer-to-merchant payments through a single interface.

The platform has expanded access to digital financial services, helped bridge the digital divide and strengthened financial inclusion by enabling individuals, businesses and merchants across the country to participate in the formal digital economy, it said, adding that the simultaneous growth in transaction volumes and values also reflects the deepening role of UPI in India's high-frequency retail payments ecosystem.

India emerges as global leader in real-time payments

The scale, reliability and interoperability of UPI have drawn global recognition, with the International Monetary Fund (IMF) acknowledging it as the world's largest real-time payment system by transaction volume.

As of 2025, UPI accounted for nearly 49 per cent of global real-time payment transaction volumes, according to the IMF.

With more than 66 crore transactions processed daily, UPI has become a dominant payments network in India, reinforcing the country's position as a global leader in instant and inclusive digital payments.

UPI expands beyond India's borders

What began as a domestic payments innovation has also evolved into a platform for cross-border digital transactions.

UPI is currently operational in 11 countries -- the UAE, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and Maldives, it said.

Focus on the next decade

The statement further said that the next decade of UPI is poised to drive even greater transformation in India's digital payments landscape.

"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.