Page 12 - NIS English 16-30 September, 2026

Cover Story
UPI TURNS 10

A Decade of Transformative Growth of UPI

n In the 2016-17 financial year,
there were merely around 2 crore Consistent surge in both the volume and value of
transactions via UPI, with a total UPI transactions over the last five financial years
value barely hovering around ₹7,000
crore. Ten years later, the picture Financial Year Transactions (in crore) Value (in ₹ lakh crore)
has changed completely. In the 2021-22 4,595.61 84.16
2025-26 financial year, over 24,000 2022-23 8,371.44 139.15
crore transactions were recorded on 2023-24 13,112.95 199.95
the UPI platform, with a total value
exceeding ₹314.23 lakh crore. This 2024-25 18,586.60 260.56
represents a leap of nearly 12,000 2025-26 24,161.69 314.23
times in the number of transactions Monthly Record: In March 2026 alone, 2,264 crore
and over 4,000 times in value. transactions were recorded, valued at ₹29.53 lakh crore Rupees.
n According to government data Source: Ministry of Finance, data presented in the Lok Sabha (June 2026)
recently presented in Parliament,
the number of registered users
on the UPI platform reached 55.5
crore by June 2026 and it serves
6.5 crore traders.. More than 740
banks—including public sector,
private, small finance, payments,
and cooperative banks—are
interconnected on this single
platform. This is the interoperability
that IMF experts never tire of
praising. It embodies the concept of
connecting every system with every
other system, rather than limiting
operations to a single app or bank.

or IFSC codes. Operating 24x7, the system facilitates new direction to financial inclusion, reducing reli-
real-time transactions across various banks and ap- ance on cash. Instant transactions have decreased
plications. Its rapid expansion is driven by interbank the need for physical cash and enhanced transpar-
interoperability and low transaction costs. While ency. UPI’s ability to reach the last mile has greatly
only 21 banks were linked to the system in April simplified life.
2016, that number rose to 741 by March 2026. UPI Auto-rickshaw drivers, roadside vendors, farmers
has not only simplified payments but also given a in rural markets, and domestic workers are now

10 NEW INDIA SAMACHAR || Sep 16-30, 2026