UPI at 10: From 2 crore transactions in FY17 to 2,366 crore in FY26, PM Modi calls it a ‘major turning point'

From just around 2 crore transactions in its first financial year to more than 24,162 crore in FY26, Unified Payments Interface (UPI) has undergone a near 12,000-fold expansion in a decade, emerging as the backbone of India’s digital payments ecosystem.

Prime Minister Narendra Modi on Tuesday described its rollout as a “major turning point” in the country’s digital payments journey as UPI completed 10 years.

“A decade ago, UPI was rolled out, marking a major turning point in India’s digital payments journey. The sheer scale and reach of UPI are something every Indian must be proud of. Tell me about your UPI experience and how it impacted your life,” Modi said in a post on X, inviting users to share how the platform has changed their daily lives.

From 21 banks to 741 as UPI goes mainstream

UPI was launched on August 25, 2016, with 21 banks on the network. By July 2026, the number of live banks had risen to 741, reflecting the expansion of the interoperable payment system across the banking ecosystem. UPI now accounts for 84% of India’s digital payments, while its share of global real-time payment transaction volume stood at nearly 49% in 2025, according to the Finance Ministry.

The scale-up has also been reflected in transaction value. Annual transaction value increased from ₹0.07 lakh crore in FY17 to around ₹314 lakh crore in FY26, a more than 4,000-fold jump.

July sets fresh record as daily usage crosses 760 million

The latest monthly numbers show how deeply UPI has penetrated everyday payments. UPI processed a record 2,366 crore transactions in July, worth ₹29.88 lakh crore. Transaction volume rose 4.1% from 2,272 crore in June and 22% from a year earlier, while transaction value increased 3.3% month-on-month and 19% year-on-year.

That translated into an average of roughly 763 million transactions every day in July. The Finance Ministry said monthly volumes crossed 2,300 crore for the first time in May, when UPI processed 2,320 crore transactions, before reaching the July record.

UPI moves from domestic innovation to global platform

The government said UPI is now operational in 11 countries, including the UAE, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and the Maldives. Its international expansion has positioned the platform as a cross-border payments tool beyond its original domestic remit.

The Finance Ministry has said the next phase will focus on bringing more users and merchants into the ecosystem, backed by continued policy support, technological innovation and financial inclusion.