UPI transaction volumes have surged nearly 13,000-fold since FY2016-17, while transaction value has increased about 4,000 times.
The payment system now accounts for 84% of India’s digital payments and is accepted across 11 countries.
Highlights
- UPI completes 10 years after its launch in 2016
- Participating banks increase from 21 at launch to 741 by July 2026
- FY26 transaction volume reaches 24,162 crore
- Transaction value rises to INR 314 lakh crore in FY26
- UPI accounts for 84% of India’s digital payment transactions
- Platform handles nearly 49% of global real-time payment transactions
- UPI is now accepted in 11 countries
- Around 86% of merchant payments are below INR 500
India’s Unified Payments Interface (UPI) has completed a decade of operations, marking ten years of rapid expansion that has transformed the country’s digital payments landscape.
Launched in 2016 with just 21 participating banks, UPI had expanded to 741 banks by July 2026. During the same period, transaction volumes and values recorded massive growth as consumers and merchants increasingly adopted digital payments.
UPI transaction volume increased from 1.78 crore in FY2016-17 to 24,162 crore in FY2025-26, representing a nearly 13,000-fold increase. Transaction value jumped from INR 0.07 lakh crore to INR 314 lakh crore, an increase of around 4,000 times.
UPI now accounts for 84% of India’s digital payments and nearly 49% of global real-time payment transactions. During 2026, the platform averaged around 66 crore transactions every day. In July 2026 alone, it recorded 2,366 crore transactions.
Small-value merchant payments have emerged as a major use case for the platform. Peer-to-merchant transactions account for 63% of total UPI transaction volume, and around 86% of these payments are below INR 500.
Peer-to-peer transfers, meanwhile, account for 71% of total UPI transaction value, highlighting the platform’s widespread use for transferring money between individuals.
UPI’s footprint has also expanded internationally. The International Monetary Fund has recognised it as the world’s largest real-time payment system. UPI is currently accepted in 11 countries, including the United Arab Emirates, France, Singapore and the Maldives.
Over the past decade, the platform has brought public sector, private sector, cooperative and small finance banks onto a common digital payment network. It has also emerged as an important component of India’s Digital Public Infrastructure.
The Government of India now plans to further expand UPI during its second decade by bringing more users and merchants onto the platform, strengthening policy support and encouraging payment innovation.
With 741 participating banks, a growing merchant ecosystem and an international presence across 11 countries, UPI enters its second decade as one of the key pillars of India’s digital economy.
