UPI hits 24,162 crore transactions in FY26, up 12,000-fold in a decade
Synopsis
From 2 crore transactions in FY17 to over 24,162 crore in FY26 — UPI's decade-long arc is one of the fastest scaling stories in global fintech. With nearly half of all real-time payments worldwide now flowing through India's homegrown platform and 11 countries on board, the IMF has taken notice. The domestic growth story may be maturing, but the international chapter is just beginning.
Key Takeaways
UPI annual transaction volume surged 12,000-fold from 2 crore 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 , UPI processed 2,365.8 crore transactions worth ₹29.87 lakh crore across 741 live banks .
UPI is now accepted in 11 countries , with Greece and the Maldives joining most recently in 2026 .
UPI held nearly 49 per cent of global real-time payment transaction volume in 2024 , per the IMF .
On-device authentication and Aadhaar-based Face Authentication introduced in 2025 to broaden access for new and elderly users.
Unified Payments Interface (UPI) has recorded a staggering 12,000-fold surge in annual transaction volume over the past decade — from just 2 crore transactions in FY 2016-17 to over 24,162 crore in FY 2025-26, according to an official factsheet released on Monday, 24 August 2026. Annual transaction value climbed from ₹0.07 lakh crore to nearly ₹314 lakh crore, a more than 4,000-fold increase in the same period.
Scale of the Network Today
As of July 2026, the UPI network comprised 741 live banks, processing 2,365.8 crore transactions with a total value of ₹29.87 lakh crore in that single month alone. Developed by the National Payments Corporation of India (NPCI), UPI has become the backbone of India's real-time digital payments ecosystem — a platform that once handled a fraction of this volume just ten years ago.
UPI Goes Global: Now Live in 11 Countries
UPI is currently accepted in 11 countries, with Greece and the Maldives being the latest additions. The system is already operational in Bhutan, Nepal, Singapore, the United Arab Emirates, France, Sri Lanka, Mauritius, and Qatar, enabling seamless cross-border digital payments.
In June 2026, NPCI International Payments Limited partnered with ACLEDA Bank Plc. to launch UPI acceptance in Cambodia, further extending India's cross-border digital payment reach. UPI also went live in Greece for cross-border remittances, allowing eligible customers to transfer funds instantly between Greece and India through Eurobank. Cross-border remittances between the Maldives Instant Payment System 'Favara' and India's UPI went live on 30 July 2026.
India Commands Nearly Half of Global Real-Time Payments
UPI accounted for nearly 49 per cent of global real-time payment transaction volume in 2024, according to the International Monetary Fund (IMF), which highlighted the achievement in its report 'Growing Retail Digital Payments: The Value of Interoperability'. This positions India as the undisputed leader in real-time retail payments globally — ahead of far larger economies by absolute volume.
New Features Driving Deeper Adoption
On-device authentication for UPI was introduced in 2025, enabling payments through a smartphone's fingerprint or face unlock. Aadhaar-based Face Authentication has further simplified UPI PIN onboarding, particularly benefiting first-time users, senior citizens, and individuals without easy access to debit or credit cards. These accessibility upgrades are seen as critical to sustaining growth beyond urban centres.
With cross-border corridors expanding and domestic volumes continuing to climb, UPI's next phase of growth is expected to be shaped as much by international adoption as by deepening penetration within India.
Point of View
000-fold volume growth is a genuine infrastructure achievement, but the headline numbers obscure a maturing domestic curve — monthly growth rates have been flattening even as absolute volumes remain enormous. The real strategic frontier is international: 11 countries is a start, but UPI's cross-border corridors are still thin in transaction depth compared to incumbent SWIFT-linked rails. The IMF's 49 per cent global real-time payments figure is striking, yet it reflects India's sheer population density in digital transactions more than it does revenue or economic weight. The next test is whether NPCI International can convert country-level launches into meaningful remittance and trade-payment volumes — not just ceremonial go-lives.
NationPress
24 Aug 2026
Frequently Asked Questions
How much has UPI grown in the last decade?
UPI annual transaction volume grew nearly 12,000-fold, from 2 crore transactions in FY 2016-17 to over 24,162 crore in FY 2025-26, according to an official factsheet. Transaction value rose from ₹0.07 lakh crore to nearly ₹314 lakh crore in the same period.
How many countries accept UPI payments in 2026?
UPI is accepted in 11 countries as of 2026. The network spans Bhutan, Nepal, Singapore, the UAE, France, Sri Lanka, Mauritius, Qatar, Cambodia, Greece, and the Maldives, with the last two joining most recently.
What share of global real-time payments does UPI handle?
UPI accounted for nearly 49 per cent of global real-time payment transaction volume in 2024, a figure cited by the IMF in its report 'Growing Retail Digital Payments: The Value of Interoperability'.
What new UPI features were introduced in 2025?
On-device authentication was introduced in 2025, enabling payments via smartphone fingerprint or face unlock. Aadhaar-based Face Authentication was also added to simplify UPI PIN onboarding for first-time users, senior citizens, and those without cards.
When did UPI go live in the Maldives and Greece?
UPI cross-border remittances with the Maldives Instant Payment System 'Favara' went live on 30 July 2026. UPI for cross-border remittances in Greece, facilitated through Eurobank, also launched in 2026.
