India’s Unified Payments Interface (UPI) has completed 10 years, marking a major milestone for the country’s digital payments ecosystem. What began in 2016 as a new way to make instant bank-to-bank payments has grown into one of the world’s most widely used real-time payment systems, changing how individuals, businesses and merchants send and receive money.
Over the past decade, UPI has witnessed extraordinary growth in both transaction volumes and value. Annual transaction volumes have risen from just 1.78 crore in FY2016–17 to more than 24,162 crore in FY2025–26, representing an almost 13,000-fold increase. The value of transactions has expanded at a similarly remarkable pace, rising from ₹0.07 lakh crore to around ₹314 lakh crore, marking a more than 4,000-fold jump over the decade.
The rapid adoption of UPI has made digital payments an increasingly integral part of everyday economic activity in India. From small merchants and local businesses to large retailers and online platforms, UPI has enabled faster and more convenient payments while reducing dependence on cash. Its expansion has also supported wider participation in the formal digital economy and contributed to greater financial inclusion.
UPI’s influence is no longer limited to India. The payment system has expanded internationally and is now operational in 11 countries, reflecting growing global interest in India’s real-time payments infrastructure. In 2025, UPI accounted for nearly 49% of global real-time payment transaction volume, underlining the scale it has achieved within just a decade.
As UPI enters its second decade, its journey reflects the rapid transformation of India’s financial technology landscape. Its continued expansion could further strengthen digital commerce, cross-border payments and India’s position as a global leader in real-time payment infrastructure.
