India's UPI Marks 10 Years as World's Largest Payment System

The Unified Payments Interface (UPI) marked its 10th anniversary on August 25, 2026, evolving from a domestic tool into the world's largest real-time payment system by volume. Developed by the National Payments Corporation of India under Reserve Bank of India oversight, the platform saw annual transaction volumes grow from 1.78 crore in FY2016-17 to over 24,162 crore in FY2025-26. Transaction values rose from approximately Rs 7,000 crore to nearly Rs 314 lakh crore over the same period.

According to the International Monetary Fund, UPI accounted for nearly 49 percent of global real-time payment transaction volume in 2025. The system currently processes over 66 crore transactions daily across 741 live banks, with merchant payments making up 63 percent of total volume. While volumes have surged, the average transaction value declined to nearly Rs 1,300 by July 2026, signaling a shift toward high-frequency, small-ticket retail payments.

UPI has expanded its global footprint to 11 countries, including France, Singapore, and the UAE, with recent launches in Greece and the Maldives. Additionally, NPCI International Payments Limited partnered with ACLEDA Bank to enter Cambodia. To simplify onboarding, the system recently introduced on-device and Aadhaar-based face authentication. The Government of India intends to focus the next decade on increasing user and merchant adoption through continued technological advancement and financial inclusion.