UPI completes 10 years, clocks nearly 13,000-fold rise in transaction volume
Transactions on the UPI platforms which now hosts 703 banks crossed Rs 24,162 crore in FY26 rising from the level of Rs 1.78 crore in FY17.
The Unified Payments Interface (UPI), which was launched on August 25, 2016, has completed a decade of transforming India's digital payments landscape, emerging as the backbone of the country's digital payments ecosystem and a global benchmark for real-time payments.
Annual UPI transaction volume rose from 1.78 crore in 2016-17 to more than 24,162 crore in 2025-26, an almost 13,000-fold increase, the finance ministry said in a statement.
During the same period, transaction value jumped from Rs 0.07 lakh crore to around Rs 314 lakh crore, representing a more than 4,000-fold rise, it said.
Developed by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), UPI has recorded an unprecedented expansion in both transaction volume and value over the past 10 years, it said.
The year 2026 marked a significant milestone in the growth trajectory of UPI, it said, adding that monthly transaction volumes crossed 2,300 crore for the first time in May 2026, reaching 2,320 crore transactions, signalling a new scale of adoption.
This momentum continued through the year, with July 2026 recording 2,366 crore transactions, the highest monthly transaction volume in UPI's decade-long journey, it said.
UPI has witnessed a steady and broad-based expansion in institutional participation since its launch. The number of banks live on UPI increased from 44 banks in 2016-17, the first year of operations, to 703 banks by 2025-26.
In FY26, it said, UPI transactions totalling 24,162 crore reflected the platform's deep integration into everyday digital payment usage across the country, with robust momentum in the merchant segment.
The statement noted that the UPI has emerged as a key pillar of India's digital public infrastructure, providing an interoperable, real-time platform for seamless peer-to-peer and peer-to-merchant payments through a single interface.
The platform has expanded access to digital financial services, helped bridge the digital divide and strengthened financial inclusion by enabling individuals, businesses and merchants across the country to participate in the formal digital economy, it said, adding that the simultaneous growth in transaction volumes and values also reflects the deepening role of UPI in India's high-frequency retail payments ecosystem.