10 Years Of UPI: Transaction Value Rises More Than 4,000-fold Since 2016

UPI has completed 10 years today, which marks a growth in India's digital payments landscape since its launch on August 25, 2016, with the payment system expanding in transaction volume, value, participating banks and international reach.

According to the Press Information Bureau (PIB), UPI processed 1.78 crore transactions in FY 2016-17. By FY 2025-26, the annual transaction volume had increased to more than 24,162 crore, which marks an almost 13,000-fold rise. Transaction value also increased from Rs 0.07 lakh crore to around Rs 314 lakh crore during the same period, a more than 4,000-fold increase.

How Did UPI Grow From 2016 To 2026

At its launch in April 2016, UPI had 21 banks on the platform. The number grew to 44 in FY 2016-17 and further to 703 in FY 2025-26, while the figure stood at 741 as of July 2026. The growth in participation was accompanied by a sharp rise in transaction volumes. UPI processed around 90,000 transactions in its first month in August 2016, while its monthly transaction volume reached 2,366 crore in July 2026, which marks the highest level recorded by the platform so far.

The transaction volume recorded a compound annual growth rate of 188 per cent between FY 2016-17 and FY 2025-26, while transaction value grew at a CAGR of 155 per cent. In FY 2025-26, transaction volume grew 30 per cent year on year while transaction value increased 21 per cent.

UPI made up 84 per cent of India's digital payments in FY 2025-26. It also recorded an average of more than 66 crore transactions daily in 2026.

How Are People Using UPI

Person-to-merchant (P2M) transactions accounted for 63 per cent of UPI's total transaction volume, while person-to-person (P2P) transactions contributed 71 per cent of its transaction value.

About 86 per cent of P2M transactions were below Rs 500, while 59 per cent of P2P transactions were below Rs 500.

How Has UPI Expanded Globally

UPI's growth has also extended beyond India. The release notes that UPI accounted for nearly 49 per cent of global real-time payment transaction volume in 2025. The International Monetary Fund has recognised UPI as the world's largest real-time payment system by transaction volume.

UPI is currently operational in 11 countries: the United Arab Emirates, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and the Maldives. Its presence in these markets has also expanded its role in cross-border digital payments.

As UPI enters its second decade, the government has said it will continue to focus on expanding the ecosystem by bringing more users and merchants onto the platform, alongside policy support and technological development.