- By Aditya Pratap Singh
- Fri, 01 May 2026 11:31 AM (IST)
- Source:JND
UPI Completes A Decade: The Unified Payments Interface (UPI) has completed 10 years of operations, with the financial year 2025-26 concluding on March 31. A decade-long journey of the digital payment system has been nothing short of a revolution, as transaction value through the platform reached a record Rs 314 lakh crore in FY26, soaring more than 4,000-fold since its inception.
In 2016-17, the first year of UPI operations, the transaction value was just Rs. 0.07 lakh crore.
Becomes Backbone Of Digital Payment System Since Launched In 2016
Launched on April 11, 2016, by the National Payments Corporation of India (NPCI), under the regulatory supervision of the Reserve Bank of India (RBI), UPI has emerged as the backbone of India's digital payments ecosystem. The digital payments platform has been a key driver of financial inclusion during the period, the Finance Ministry said in a statement.
"Over a decade of operations, UPI has demonstrated extraordinary scale and momentum. Annual transaction volume expanded from just 2 crore transactions in FY 2016-17 to over 24,162 crore transactions in FY 2025-26, representing an almost 12,000-fold surge in transaction volume," it said.
This expansion in volume and value highlights UPI's profound role in supporting frequent retail transactions.
2025 Was Phenomenal
It said that 2025 marks a significant milestone in the growth trajectory of Unified Payments Interface (UPI).
In August 2025, the number of monthly transactions crossed 2,000 crore for the first time, reaching 2,001 crore transactions, marking a new level of usage, it said.
This momentum continued throughout the rest of the year, with 2,163 crore transactions recorded in December 2025, which it said was the highest monthly transaction volume in UPI's decade-long journey.
In 2025, UPI processed around 22,000 crore transactions, which it said was an average of 60 crore transactions per day.
The Payment System Saw Massive Growth Since Its Inception
In its 10 years of journey, the UPI has witnessed a steady and broad-based acceptance and expansion in institutional participation.
"The number of banks live on UPI increased from 44 banks in FY 2016-17, the first year of operations, to 703 banks by FY 2025-26. This onboarding covers public sector banks, private banks, small finance banks, payment banks, and cooperative banks, enabling UPI's deep geographic reach," it said.
Accounts For 49% of Real-Time Settlement
According to the statement as of 2024, about 49 per cent of the world's real-time payment volume was through UPI, a figure acknowledged by the International Monetary Fund (IMF) in its June 2025 report.
With over 660 million transactions processed daily, UPI has surpassed the global payments network. It also said that this strengthens India's position as a world leader in instant, secure and inclusive digital payments.
(With Inputs From PTI)