The Unified Payments Interface has completed 10 years of operation, emerging as a major part of India’s digital payments ecosystem and gaining recognition as the world’s largest real-time payment system.
Annual transaction volume has grown from 1.78 crore transactions in FY 2016-17 to over 24,162 crore in FY 2025-26. The Ministry of Finance described the rise as an almost 13,000-fold increase.
Transaction value and bank participation
The value of transactions has also expanded sharply, increasing from ₹0.07 lakh crore in FY 2016-17 to around ₹314 lakh crore in FY 2025-26. The ministry said this represents an almost 4,000-fold increase.
The number of banks connected to UPI has risen from 44 in FY 2016-17 to 703 in FY 2025-26. The expansion has supported wider geographic access and financial inclusion, according to the ministry.
Expanding beyond India
UPI is currently operational in 11 countries and has developed into a platform for cross-border digital payments. Its interoperable system supports real-time transactions through a single application.
The platform was launched on 25th August 2016 by the National Payments Corporation of India under the regulatory oversight of the Reserve Bank of India. The ministry said UPI has become a backbone of India’s digital payments network and an important tool for financial inclusion.
Its growth in both transaction volume and value has contributed to global recognition. The International Monetary Fund has acknowledged UPI as the world’s largest real-time payment system by transaction volume.
The ministry said UPI’s scale, reliability and interoperability demonstrate India’s progress in creating scalable, inclusive and innovative digital public infrastructure. It also described the system as a means of supporting high-frequency retail payments and expanding access to digital financial services.
