India’s Unified Payments Interface (UPI) completes 10 years on August 25, marking a decade of rapid expansion in the country’s digital payments ecosystem. The instant payments system grew from 1.78 crore transactions in 2016-17 to 24,162 crore transactions in 2025-26, as per the information provided by the Ministry of Finance.
UPI processes over 66 crore transactions daily, reflecting its importance in India’s payment system.
UPI has been developed by the National Payments Corporation of India (NPCI), under the supervision of the Reserve Bank of India (RBI). The total number of transactions rose from 1.78 crore in 2016-17 to 24,162 crore in 2025-26, an increase of almost 13,000 times. Total transaction value has gone up from Rs. 0.07 lakh crore in 2016-17 to Rs. 314 lakh crore in 2025-26, more than 4,000 times.
The number of banks utilizing the UPI system has also increased significantly, rising from 44 in the first year to 703 in 2025-26.
UPI reached another milestone in 2026, when monthly transaction volumes crossed 2,300 crore for the first time. The platform processed 2,320 crore transactions in May, followed by a record 2,366 crore transactions in July. The July figure represents the highest monthly transaction volume recorded during UPI’s 10-year journey.
The growth covers both peer-to-peer and peer-to-merchant payments. The Finance Ministry described UPI’s interoperable, real-time payment system as a key pillar of India’s digital public infrastructure.
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UPI’s footprint also extends beyond India. The International Monetary Fund (IMF) recognized UPI as the world’s largest real-time payment system by transaction volume. In 2025, UPI accounted for nearly 49 percent of global real-time payment transaction volumes, according to the IMF.
The payment platform currently operates in 11 countries: the UAE, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and Maldives.
The government plans to focus on expanding UPI’s reach among users and merchants over the next decade. Policy support, technological development and financial inclusion are expected to remain central to the continued expansion of India’s digital payments infrastructure.