UPI Completes Ten Years of Operations

The Unified Payments Interface (UPI) completed ten years of operations on August 25, 2026. It was launched in 2016 under the National Payments Corporation of India (NPCI) with regulatory oversight from the Reserve Bank of India (RBI).

UPI: Basic Features

UPI is an instant payment system that enables inter-bank transfers through mobile devices. It uses a virtual payment address, mobile number, or bank account details for transactions. The system operates on a real-time basis and supports person-to-person and person-to-merchant payments.

Transaction Growth Over a Decade

Official government data placed UPI’s annual transaction volume at 1.78 crore in FY 2016–17. The figure rose to more than 24,162 crore transactions in FY 2025–26. The annual value of transactions increased from ₹0.07 lakh crore in FY 2016–17 to about ₹314 lakh crore in FY 2025–26.

Network Expansion and Usage

The number of banks integrated into the UPI ecosystem increased from 44 in FY 2016–17 to 703 in FY 2025–26. The system had 741 live banks by July 2026. In July 2026, UPI processed 2,366 crore transactions worth ₹29.88 lakh crore in a single month.

Important Facts for Exams

• UPI was launched on August 25, 2016, by NPCI.
• NPCI is the umbrella organisation for retail payment systems in India.
• RBI regulates payment systems under the Payment and Settlement Systems Act, 2007.
• UPI is a real-time payment system and works 24×7 throughout the year.

Global Presence and Market Share

UPI was live in 11 countries by August 2026, including Greece and the Maldives. The International Monetary Fund recognised UPI as the world’s largest real-time payment system by volume. In 2025, it handled nearly 49 per cent of all global real-time payment transactions.