10 Years of UPI: Transforming Digital Payments in India and Beyond

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Key takeaways

The NPCI developed UPI, which has grown over 10 years to handle 2,365.8 crore transactions worth ₹29.87 lakh crore in July 2026 alone.
According to an IMF report, UPI processed 49% of global real-time digital payments in 2024.
Annual UPI transaction value increased from ₹0.07 lakh crore in FY 2016-17 to ₹314 lakh crore in FY 2025-26, representing a 4,000-fold increase.
The UPI global network now spans 11 foreign countries, including recent links with Cambodia, Greece, and the Maldives.

The National Payments Corporation of India (NPCI) developed the Unified Payments Interface (UPI), which has now completed 10 years of operations.
UPI serves as a core pillar of India's Digital Public Infrastructure (DPI) by offering instant, safe, and connected payment services.
Today, 11 foreign countries run UPI services, showing India's leadership in global financial technology.

The NPCI created UPI as a real-time platform that links several bank accounts inside one mobile application.
The platform combines money transfers, banking facilities, and store payments for round-the-clock operations.
Security is maintained through two-factor authentication alongside end-to-end data encryption.
Annual transaction volume surged from 2 crore in FY 2016-17 to over 24,162 crore in FY 2025-26, marking a 12,000-fold growth.
Transaction values rose from ₹0.07 lakh crore to ₹314 lakh crore over the same period, showing a 4,000-fold rise.
By July 2026, 741 live banks had joined the UPI network to expand banking access.
During July 2026 alone, UPI handled 2,365.8 crore transactions worth ₹29.87 lakh crore.
This rapid expansion reshaped Indian finance by making payments fast, easy, and universally accessible.

Officials started UPI on a pilot basis in April 2016 with 21 banks, before launching it publicly in August 2016.
The government introduced the BHIM app in December 2016 to allow direct bank account transfers.
Merchants adopted dynamic QR codes in 2017 to automate payment details and avoid typing mistakes.
UPI 2.0 arrived in 2018 with features like inbox invoices, signed QR codes, recurring mandates, and overdraft links.
SEBI permitted retail investors to apply for IPOs using UPI in 2019, helping monthly transactions hit 1 billion in October 2019.
Between 2020 and 2022, the system added UPI AutoPay, UPI 123PAY for feature phones, UPI Lite for small payments, credit card links, and cross-border expansion to Bhutan.
In 2023, the platform introduced Credit Line on UPI, helping UPI process 70% of all Indian digital transactions during FY 2023-24.
Authorities launched UPI Circle in 2024, while raising transaction limits for tax payments to ₹5 lakh, UPI 123PAY to ₹10,000, and UPI Lite to ₹5,000.
Biometric features like on-device fingerprint unlock and Aadhaar-based Face Authentication joined the system in 2025 to simplify onboarding.

According to an IMF report from June 2025, UPI handled 49% of all global real-time payment transactions in 2024.
The network now operates in 11 foreign nations, including Bhutan, Nepal, Singapore, UAE, France, Sri Lanka, Mauritius, Qatar, Cambodia, Greece, and Maldives.
NPCI International Payments Limited (NIPL) partnered with ACLEDA Bank Plc in June 2026 to enable UPI acceptance across Cambodia.
Cross-border money transfers between India and Greece went live in June 2026 through Eurobank.
India linked UPI with the Maldives instant payment system named Favara on 30th July 2026 to boost regional payments.

UPI has modernized India's payment system by making money transfers instant, safe, connected, and accessible to everyone.
The growth of UPI from a local pilot into international infrastructure proves the success of India's Digital Public Infrastructure model.