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UPI's 10-Year Surge: From 1.78 Crore to Trillions
24 Aug
Summary
- UPI marked 10 years of growth, revolutionizing India's digital payments.
- Transaction volume surged nearly 13,000-fold over the decade.
- UPI now operates in eleven countries, expanding its global footprint.
The Unified Payments Interface (UPI) in India is celebrating 10 years since its launch on August 25, 2016. Developed by NPCI under the Reserve Bank of India, UPI has become the cornerstone of India's digital payments and a key driver of financial inclusion.
Over the past decade, UPI has witnessed exponential growth. Annual transaction volume soared from 1.78 crore in FY17 to over 24,162 crore by FY26, a staggering increase of nearly 13,000-fold. Transaction values also grew substantially, reaching approximately ₹314 lakh crore. This consistent momentum reflects a compound annual growth rate of 188% in volume.
Banking participation has dramatically expanded, with the number of banks live on UPI growing from 44 in FY17 to 703 by FY26. Person-to-merchant transactions constitute 63% of the volume, while person-to-person transactions represent 71% of the value. The government remains committed to further expanding the UPI ecosystem, fostering innovation and strengthening financial inclusion.
UPI's influence extends globally, now supporting cross-border payments in eleven countries including the UAE, France, and Singapore. This international expansion signifies UPI's growing role in global digital commerce.
