10 years of UPI: Instant payments network grows from 1.78 million annual transactions to 24,162 crore

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 million 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 over Rs 24,162 crore by 2025-26, representing a nearly 13,000-fold increase, the Finance Ministry said.The value managed through the platform grew at an equally rapid pace. Transactions worth Rs 0.07 lakh crore were recorded in 2016-17, compared to 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 supervision 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 their first year of operations, the number of banks living with UPI has increased to 703 in 2025-26.

UPI hits new highs in 2026

The platform reached another milestone in 2026, when monthly transaction volumes crossed Rs 2,300 crore for the first time. There were 2.32 billion transactions in May, while July surpassed that figure with 2.366 million transactions, the highest monthly volume recorded in UPI’s 10-year history.24,162 crore transactions recorded during FY26 underlined the integration of the platform into everyday digital payments across the country. The Ministry of Finance also highlighted strong momentum in the commercial segment.From everyday payments to digital public infrastructureUPI’s role now extends to peer-to-peer and peer-to-peer payments. The Finance Ministry said the real-time interoperable 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 to expand digital financial services, close the digital divide and strengthen financial inclusion. The increase in both the number and value of transactions has also deepened UPI’s role in India’s high-frequency retail payments ecosystem.

India’s UPI goes global

The reach of the platform has attracted international recognition. The International Monetary Fund (IMF) has identified UPI as the world’s largest real-time payments system by transaction volume. In 2025, UPI accounted for nearly 49 percent of global real-time payment transaction volumes, according to the IMF.The expansion of UPI has also transcended India’s borders. The platform is operational in 11 countries: United Arab Emirates, 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, the 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 advancements and greater financial inclusion,” it said.