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UPI Turns Ten With 13,000-Fold Growth, Global Expansion
UPI is a system that lets people send money instantly using their phones.
It was launched in India on August 25, 2016.
Over ten years, the number of payments made through UPI grew from a small amount to more than 24,162 crore in one financial year.
The total value of those payments also increased greatly.
UPI recorded its highest monthly number of payments in July 2026.
Hundreds of banks now work with the system.
Many people use UPI to pay shops and make small everyday purchases.
The system is now operational in 11 countries.
The government says its next goal is to bring more users and merchants onto UPI.
UPI annual transaction volume rose from 1.78 crore in FY2016-17 to more than 24,162 crore in FY2025-26, an increase of nearly 13,000-fold.
Annual transaction value grew from Rs 0.07 lakh crore to around Rs 314 lakh crore during the same period, increasing more than 4,000-fold.
Monthly transactions reached a record 2,366 crore in July 2026, with reported value of about Rs 29.88 lakh crore; another factsheet cited 2,365.8 crore and Rs 29.87 lakh crore.
The number of banks live on UPI grew from 44 in FY2016-17 to 703 in FY2025-26 and 741 by July 2026.
UPI operates in 11 countries and accounted for nearly 49 per cent of global real-time payment transaction volume, according to the Ministry of Finance.
- Who
- The Ministry of Finance reported on the Unified Payments Interface, developed by the National Payments Corporation of India under Reserve Bank of India oversight.
- What
- UPI completed a decade of operations while recording sharp growth in transaction volume, transaction value, bank participation and international reach.
- Where
- UPI originated in India and is operational in the United Arab Emirates, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and the Maldives.
- When
- UPI launched on August 25, 2016; the reported figures cover FY2016-17 through FY2025-26, with monthly records reported for May and July 2026.
- Why
- The Ministry of Finance describes UPI as a major part of India’s digital public infrastructure and a driver of financial inclusion.
Key facts
- Launch date
- August 25, 2016
- Annual volume
- More than 24,162 crore transactions in FY2025-26, compared with 1.78 crore in FY2016-17.
- Annual value
- Around Rs 314 lakh crore in FY2025-26, compared with Rs 0.07 lakh crore in FY2016-17.
- July 2026 record
- About 2,366 crore transactions worth Rs 29.88 lakh crore; an official factsheet reported 2,365.8 crore and Rs 29.87 lakh crore.
- Bank participation
- Live banks increased from 44 in FY2016-17 to 703 in FY2025-26 and 741 by July 2026.
- Merchant payments
- Person-to-merchant payments made up 63 per cent of transaction volume; 86 per cent of P2M transactions were below Rs 500 in FY2026.
- Global reach
- UPI is operational in 11 countries and represented nearly 49 per cent of global real-time payment volume, with sources citing 2024 or 2025.
Quotes
Ministry of Finance
India’s government ministry issuing the statement on UPI’s decade of operations
“UPI has emerged as one of the most successful pillars of India’s Digital Public Infrastructure (DPI), providing an interoperable, real-time payments platform that enables seamless peer-to-peer and peer-to-merchant transactions through a single application.”
theprint.in
Sources
UPI clocks record Rs 314 lakh crore in annual transactions
From 2 crore to 24,162 crore: UPI records massive growth in a decade
10 yrs since launch, UPI now in 11 countries—finance ministry; transaction value jumped 13,000-fold
UPI Transaction Volume Rises Nearly 13,000-Fold In A Decade To Over 24,162 Crore: Govt
UPI turns 10: Transaction volume rises nearly 13,000-fold since FY17, transaction value over 4,000-fold
India's UPI Revolution: Transactions Surge Nearly 13,000-Fold To 24,162 Crore In A Decade
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