Celebrating a Decade of UPI: Instant Payments Network Expands from 1.78 Crore to 24,162 Crore Annual Transactions
Ten years after its launch, the Unified Payments Interface (UPI) has transformed India’s digital payments landscape. The platform now processes over 66 crore transactions daily, a significant leap from the 1.78 crore transactions recorded in its inaugural year, 2016-17. By 2025-26, UPI is projected to handle more than 24,162 crore transactions, marking an increase of nearly 13,000 times, according to the finance ministry.
The value of transactions has also surged dramatically. In 2016-17, UPI recorded transactions worth Rs 0.07 lakh crore, which is expected to rise to around Rs 314 lakh crore by 2025-26, reflecting an increase of over 4,000 times. Developed by the National Payments Corporation of India (NPCI) under the Reserve Bank of India’s oversight, UPI has seen a significant rise in participation, with the number of banks connected to the network growing from 44 in its first year to 703 by 2025-26.
UPI Hits New Highs in 2026
In 2026, UPI achieved a new milestone with monthly transaction volumes exceeding 2,300 crore for the first time. May recorded 2,320 crore transactions, while July surpassed this with 2,366 crore transactions, marking the highest monthly volume in UPI’s history. The finance ministry noted that the 24,162 crore transactions in FY26 demonstrate UPI’s integration into daily digital payments, particularly in the merchant segment.
UPI’s functionality now encompasses both peer-to-peer and peer-to-merchant payments. The finance ministry emphasized that the interoperable, real-time system has become a cornerstone of India’s digital public infrastructure. This expansion has facilitated access to formal digital payments for individuals, businesses, and merchants, while also promoting financial inclusion and bridging the digital divide.
India’s UPI Goes Global
UPI’s success has garnered international recognition, with the International Monetary Fund (IMF) labeling it the world’s largest real-time payment system by transaction volume. In 2025, UPI accounted for nearly 49% of global real-time payment transaction volumes. The platform’s reach has extended beyond India, now operational in 11 countries, including the UAE, France, Bhutan, and Singapore.
The Indian government anticipates further expansion for UPI in the coming decade, focusing on increasing the number of users and merchants. The government stated its commitment to fostering UPI-led innovation and enhancing India’s digital payments ecosystem through ongoing policy support and technological advancements.
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