Annual transaction volume expanded from just 1.78 crore transactions in FY 2016-17 to over 24,162 crore transactions in FY 2025-26. Transaction value rose sharply from Rs 0.07 lakh crore in FY 2016-17 to approximately Rs 314 lakh crore in FY 2025-26, translating into a more than 4,000‑fold increase.
Monthly transaction volumes crossed 2,300 crore transactions for the first time in May 2026, reaching 2,320 crore transactions, signalling a new scale of adoption. This momentum continued through the year, with July 2026 recording 2,366 crore transactions, the highest monthly transaction volume in UPI’s decade‑long journey, according to an official statement.
The number of banks live on UPI increased from 44 banks in FY 2016-17, the first year of operations, to 703 banks by FY 2025-26
Person‑to‑merchant (P2M) transactions account for 63 per cent of total transaction volume, reflecting UPI’s extensive use for high‑frequency, low‑value retail payments. In contrast, person‑to‑person (P2P) transactions dominate transaction value, contributing 71 per cent, indicating their use for higher‑ticket transfers between individuals.
As of 2025, UPI accounts for nearly 49 per cent of the world’s real-time payment transaction volume, a milestone recognized by the IMF.
With over 66 crores transactions processed daily, UPI has surpassed global payment network, reinforcing India’s position as the world leader in instant, secure, and inclusive digital payments.
UPI has also emerged as a global platform for cross-border digital payments and is currently operational in 11 countries, namely United Arab Emirates, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and Maldives.
Government of India remains committed to enabling the next phase of UPI-led innovation and strengthening India’s digital payments ecosystem through continued policy support, technological advancement, and greater financial inclusion, the statement said.
