Veena Bhor

Veena Bhor is a Junior SEO Executive at Passion Minds Pvt Ltd and a contributor to Passion Minds Media. She writes on technology, artificial intelligence, manufacturing, semiconductors, business innovation, and digital transformation. Veena holds a Diploma in International Business and a certification in Digital Marketing, and brings a research-oriented approach to industry and technology reporting.

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Ten years after its launch in 2016 by the National Payments Corporation of India under the Reserve Bank of India, India’s Unified Payments Interface (UPI) has become the largest real-time payments platform in the world. 

UPI had exponential growth, processing over 24,000 crore transactions in FY26 from just 373 in its first month. Value-wise, transactions increased to around ₹314 lakh crore, demonstrating its widespread use throughout the economy. 

Currently, more than 700 banks accept UPI, which makes up around 85% of India’s digital payment volume. Its profound integration into daily business is highlighted by the average daily transactions of almost 66 crore. With the majority of merchant transactions being under ₹500, low-value payments predominate. 

While person-to-person transfers make up the majority of value, suggesting significant user confidence, person-to-merchant payments drive volumes. 

Additionally, UPI has spread to nations including the UAE, Singapore, France, and Nepal, increasing India’s global fintech footprint. 

UPI continues to play a key role in India’s digital public infrastructure and financial inclusion narrative through ongoing innovation in credit integration and cross-border payments. 

Source – IBEF