1 week ago

Modi Marks UPI’s Decade as India’s Digital Payments Turning Point

UPI is a system that lets people send money instantly using a mobile phone.

It can connect several bank accounts through one participating bank or payment app.

Prime Minister Narendra Modi said UPI’s launch was a major turning point for digital payments in India.

He asked people to share how UPI has changed their lives.

UPI was launched publicly on August 25, 2016, after a pilot involving 21 banks.

The number and value of UPI payments have grown enormously since then.

UPI is now accepted in 11 countries, including Greece and the Maldives.

New features allow some users to pay with a fingerprint or face unlock.

Aadhaar-based face authentication can also help people set up a UPI PIN.

Key facts

Public launch: August 25, 2016, following an April 2016 pilot involving 21 member banks.
Developer and oversight: Developed by the National Payments Corporation of India under the regulatory oversight of the Reserve Bank of India.
Transaction volume: Annual volume reached more than 24,162 crore transactions in FY 2025-26, compared with 1.78 crore or 2 crore in FY 2016-17, depending on the source cited.
Transaction value: Annual value rose from Rs 0.07 lakh crore to about Rs 314 lakh crore between FY 2016-17 and FY 2025-26.
July 2026 activity: The network had 741 live banks, processed 2,365.8 crore transactions and recorded Rs 29.87 lakh crore in transaction value.
International reach: UPI is accepted in 11 countries, with Greece and the Maldives identified as the latest adopters.
Authentication: On-device fingerprint or face-unlock payments were introduced in 2025, while Aadhaar-based face authentication was added for UPI PIN onboarding.