UPI transactions surged nearly 13,000-fold from 1.78 crore in FY2016-17 to over 24,162 crore in FY2025-26, with transaction value crossing Rs 314 lakh crore. Monthly volumes hit a record 2,366 crore in July 2026. With 703 banks onboard, UPI has become central to India’s digital payments ecosystem and global real-time payment landscape.

New Delhi: The annual transaction volume of Unified Payments Interface (UPI) has surged almost 13,000-fold from 1.78 crore transactions in FY 2016-17 to more than 24,162 crore transactions in FY 2025-26, the Ministry of Finance said on Monday.

UPI, launched on August 25, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has emerged as the backbone of India’s digital payments ecosystem and a key driver of financial inclusion.

According to the ministry, the value of UPI transactions has also expanded sharply, rising from Rs 0.07 lakh crore in FY 2016-17 to approximately Rs 314 lakh crore in FY 2025-26, representing a more than 4,000-fold increase over the decade.

The platform has become a major pillar of India’s Digital Public Infrastructure, offering an interoperable and real-time payments system that enables seamless person-to-person and person-to-merchant transactions.