Page 21 - NIS English 16-30 September, 2026

Cover Story
UPI TURNS 10

The Journey of UPI…

n In 2019, SEBI permitted retail individual investors to
use UPI as a payment option when applying for IPOs
through authorized intermediaries.

n 2016: UPI was launched on a pilot basis n In October 2019, UPI achieved the milestone of one
in April 2016 with 21 member banks. billion transactions in a single month, reflecting its
rapid adoption across the country.
n August 2016: Launched
for the general public. n UPI AutoPay was launched to support recurring
Banks made their e-payments for subscriptions, utility bills, insurance
UPI-enabled mobile premiums, SIPs, and EMIs.
applications available on
the Google Play Store.

n BHIM Application:
Launched in December
2016 to facilitate digital
payments using UPI.

n Dynamic QR: A retail
merchant platform
introduced in 2017 that
enables UPI payments
via dynamic QR codes.
It includes the payer's
information and the exact Annual Transaction Volume 24,162
amount, eliminating the (FY 2016-17 to FY 2025-26)
need for manual amount 18,587
entry. CAGR: 188% 13,116

n UPI 2.0 was rolled out
in 2018 with advanced 8,375
features to make digital 2,233 4,597
payments simpler, more 1.78 92 535 1,252
secure, and seamless. 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26
Note: Annual UPI transaction volume (in crore)

were recorded via UPI in the 2016-17 fiscal year, lakh crore.
the figure skyrocketed to over 24,162 crore by This extraordinary progress demonstrates that
2025-26. Alongside the volume of transactions, UPI has evolved beyond a mere technological
the total value has also seen a massive increase; option to become the backbone of daily finan-
during this period, the total value of UPI transac- cial transactions for the common citizen, small
tions rose from ₹7,000 crore to a staggering ₹314 traders, and large businesses alike. Features such

Sep 16-30, 2026 || NEW INDIA SAMACHAR 19