UPI turns 10: PM Modi says every Indian must be proud of digital payment revolution
Synopsis
UPI's 10th anniversary reveals a staggering statistic: transaction volumes have grown nearly 12,000-fold since FY 2016–17, and India's homegrown payment platform now commands nearly half of all global real-time payment volume. PM Modi's call for national pride is backed by data — but the bigger story is how a domestic fintech experiment became a global benchmark.
Key Takeaways
PM Modi marked UPI's 10th anniversary on 25 August 2026 , calling it a source of national pride.
Annual UPI transaction volumes grew nearly 12,000-fold — from 2 crore in FY 2016–17 to over 24,162 crore in FY 2025–26.
Annual transaction value surged from ₹0.07 lakh crore to nearly ₹314 lakh crore , a more than 4,000-fold increase .
UPI is now live in 11 countries , with Greece and the Maldives as the latest additions.
UPI accounted for nearly 49 per cent of global real-time payment transaction volume in 2024 , per the IMF .
Aadhaar-based Face Authentication and on-device biometric payments introduced in 2025 to widen access for senior citizens and first-time users.
Prime Minister Narendra Modi on Tuesday, 25 August celebrated the 10th anniversary of the Unified Payments Interface (UPI), calling the scale and reach of India's digital payments revolution a source of national pride. Modi marked the milestone with a post on X, urging citizens to share how UPI has transformed their financial lives.
Modi's Message on UPI's Decade
In his post, Modi wrote: '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.' He also invited the public to share their personal UPI stories, reflecting the platform's deep integration into everyday Indian life.
From 2 Crore to 24,162 Crore: A Decade of Explosive Growth
The numbers behind UPI's rise are staggering. According to an official factsheet released on Monday, 25 August, annual transaction volumes surged nearly 12,000-fold — from 2 crore transactions in FY 2016–17 to over 24,162 crore in FY 2025–26. Annual transaction value grew from ₹0.07 lakh crore to nearly ₹314 lakh crore, a more than 4,000-fold increase.
In July 2026 alone, the UPI network — comprising 741 live banks — processed 2,365.8 crore transactions worth ₹29.87 lakh crore. These figures underscore UPI's transition from a domestic convenience to a critical financial infrastructure.
UPI's Global Footprint: Now in 11 Countries
Developed by the National Payments Corporation of India (NPCI), UPI is now accepted in 11 countries, with Greece and the Maldives being the latest additions. The platform is already operational in Bhutan, Nepal, Singapore, the United Arab Emirates, France, Sri Lanka, Mauritius, and Qatar, enabling real-time cross-border digital payments. This international expansion positions UPI as a potential global standard for instant payments.
Notably, the International Monetary Fund (IMF) highlighted UPI's global significance in its report 'Growing Retail Digital Payments: The Value of Interoperability', noting that UPI accounted for nearly 49 per cent of global real-time payment transaction volume in 2024.
New Features Widening Access
UPI has continued to evolve beyond its original form. In 2025, on-device authentication was introduced, enabling payments through smartphone fingerprint or face unlock. Aadhaar-based Face Authentication further simplified UPI PIN onboarding, particularly benefiting first-time users, senior citizens, and those without easy access to debit or credit cards. These additions have been central to driving financial inclusion in semi-urban and rural India.
What's Next for UPI
With UPI now embedded in the daily transactions of hundreds of millions of Indians and expanding across continents, the platform's next phase is expected to deepen cross-border interoperability and introduce more accessibility features. As India's digital payment architecture continues to draw global attention, UPI's anniversary marks not just a milestone but a benchmark for real-time payment systems worldwide.
Point of View
000-fold volume growth is a genuine infrastructure achievement — but the anniversary coverage risks becoming a self-congratulatory exercise without interrogating what comes next. Nearly half of global real-time payment volume running through a single national platform is also a concentration risk, not just a triumph. The push into 11 countries raises unresolved questions about data sovereignty, bilateral settlement frameworks, and whether NPCI has the regulatory bandwidth to govern a system of this scale across jurisdictions. The IMF's endorsement is significant, but international adoption without robust cross-border dispute resolution mechanisms could expose Indian users and partner-country merchants to gaps that domestic success has so far obscured.
NationPress
25 Aug 2026
Frequently Asked Questions
What is UPI and when was it launched?
UPI, or Unified Payments Interface, is a real-time digital payment system developed by the National Payments Corporation of India (NPCI). It was rolled out a decade ago and has since become the backbone of India's digital payments ecosystem, processing over 24,162 crore transactions annually as of FY 2025–26.
How much has UPI grown in the last 10 years?
UPI transaction volumes have grown nearly 12,000-fold, rising from 2 crore transactions in FY 2016–17 to over 24,162 crore in FY 2025–26, according to an official factsheet. Annual transaction value grew from ₹0.07 lakh crore to nearly ₹314 lakh crore — a more than 4,000-fold increase.
In how many countries is UPI accepted?
UPI is currently accepted in 11 countries. Greece and the Maldives are the latest additions, joining Bhutan, Nepal, Singapore, the UAE, France, Sri Lanka, Mauritius, and Qatar.
What did PM Modi say about UPI's 10th anniversary?
PM Modi posted on X that 'a decade ago, UPI was rolled out, marking a major turning point in India's digital payments journey,' adding that its scale and reach are something every Indian must be proud of. He also invited citizens to share how UPI has impacted their lives.
What new UPI features were introduced recently?
In 2025, on-device authentication was introduced, allowing payments via smartphone fingerprint or face unlock. Aadhaar-based Face Authentication also simplified UPI PIN onboarding, particularly for first-time users, senior citizens, and those without easy access to cards.
