Archive · 25 Aug 2026
UPI Reaches 741 Banks as India’s Payments Ecosystem Expands
UPI is a system that lets people move money instantly using banks and payment apps.
The number of banks using UPI grew from 44 to 741.
This helped more people and businesses use digital payments across India.
UPI handled far more payments in FY2025-26 than it did when it began.
Most payments between people and shops were small, while transfers between people made up more of the total money value.
In July 2026, UPI processed a record number of transactions.
UPI made up 84% of India’s digital payments in FY2025-26.
It also handled nearly half of all real-time payment transactions worldwide in 2025.
The system now operates in 11 countries, and the government says it plans to expand access further.
Banks participating in UPI grew from 44 in FY2016-17 to 741 by July 2026.
Annual UPI transaction volume rose to 24,162 crore in FY2025-26 from 1.78 crore.
UPI transaction value increased from ₹0.07 lakh crore to about ₹314 lakh crore over the same period.
UPI processed a record 2,366 crore transactions worth ₹29.88 lakh crore in July 2026.
UPI accounted for nearly 49% of global real-time payment volume in 2025 and operated in 11 countries.
- Who
- The participating institutions include public sector, private, small finance, payment and cooperative banks, with NPCI monitoring performance.
- What
- India’s Unified Payments Interface expanded to 741 participating banks and became a major domestic and international real-time payments system.
- When
- The figures cover FY2016-17 through FY2025-26, with the 741-bank milestone reached by July 2026.
- Where
- UPI operates across India and in 11 countries, including the UAE, France, Singapore, Sri Lanka, Nepal and Mauritius.
- Why
- The expansion was supported by broader bank participation, policy measures, technological development and efforts to increase financial inclusion.
- Participating banks
- 741 by July 2026, up from 44 in FY2016-17
- FY2025-26 annual volume
- 24,162 crore transactions
- FY2025-26 annual value
- Around ₹314 lakh crore
- July 2026 record
- 2,366 crore transactions worth ₹29.88 lakh crore
- Share of Indian digital payments
- 84% in FY2025-26
- Global real-time payment share
- Nearly 49% of transaction volume in 2025
- International reach
- Operational in 11 countries