New Delhi, August 25, 2026 (Yes Punjab News)
A decade after its launch, the Unified Payments Interface (UPI) has evolved from a fledgling digital payment platform into the backbone of India’s retail payments ecosystem and one of the world’s largest real-time payment systems.
Prime Minister Narendra Modi, marking UPI’s 10th anniversary on Tuesday, described its scale and reach as a matter of pride for every Indian and invited citizens to share how the platform has changed their daily lives.
UPI was launched by the National Payments Corporation of India (NPCI) in August 2016 under the regulatory oversight of the Reserve Bank of India. Its first month saw around 90,000 transactions. By FY 2025-26, annual transaction volume had surged to more than 24,162 crore, while transaction value reached around Rs 314 lakh crore.
The platform now accounts for about 84 per cent of India’s digital payments, while the number of banks live on UPI has risen to 741 as of July 2026. In that month alone, UPI processed 2,365.8 crore transactions worth Rs 29.87 lakh crore.
The growth has been driven by interoperability, allowing users to make real-time payments across banks and applications including BHIM, PhonePe, Google Pay and Paytm. The International Monetary Fund has recognised UPI as the world’s largest retail fast-payment system by transaction volume and highlighted interoperability as a key factor behind its rapid adoption.
UPI has also emerged as an important example of India’s digital public infrastructure. Its reach extends beyond the country, with the platform now operational in 11 countries and increasingly being used to facilitate cross-border payments.
Over the past decade, UPI has brought digital payments into the everyday lives of consumers, small businesses, street vendors, students and others, reducing dependence on cash and expanding access to instant payments.
As UPI enters its second decade, its journey represents more than a technological success. It reflects India’s ability to build digital infrastructure at massive scale while creating a platform that is increasingly gaining global recognition.
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