A decade of UPI: India's instant payment system surges to 24,162 crore annual transactions

Launched on Aug 25 2016, India’s Unified Payments Interface has become a cornerstone of the nation’s digital payment landscape, now processing over 66 crore transactions daily. Annual transaction counts rose from 1.78 crore in 2016-17 to 24,162 crore in FY 2025-26, an increase of almost 13,000-fold, while the monetary value grew from Rs 0.07 lakh crore to roughly Rs 314 lakh crore. Bank participation expanded from 44 at inception to 703 by 2025-26, and monthly volumes exceeded 2,300 crore for the first time in 2026, with July reaching 2,366 crore.

The finance ministry highlighted the platform’s role in peer-to-peer and merchant payments, noting its contribution to financial inclusion. The International Monetary Fund identified UPI as the largest real-time payment system globally, accounting for about 49 % of worldwide volumes in 2025, and the system is now live in 11 countries. Officials say the next decade will focus on adding more users and merchants to sustain UPI-led innovation.