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
