EconomyMonday, 31 August 2026·The Hindu - Economy
UPI at 10: India’s digital payments backbone, launched by NPCI in 2016
UPI completed 10 years in August 2026, with transaction volume and value rising sharply since FY17.
Key highlights
Direct fact
In August 2026, the Unified Payments Interface (UPI), launched on 25 August 2016 by the National Payments Corporation of India (NPCI), completed 10 years and became a major Digital Public Infrastructure (DPI) platform in India.
Key specifics
- UPI annual transaction volume rose from 1.78 crore in FY17 to over 24,162 crore in FY26.
- The ministry said this was a 13,000-fold surge in transaction volume over 10 years.
- Transaction value increased from ₹0.07 lakh crore in FY17 to about ₹314 lakh crore in FY26.
- This means UPI saw more than a 4,000-fold rise in transaction value by FY26.
- UPI is operational in 11 countries and is described as the world’s largest real-time payment system by the IMF.
Exam lens
Economy and digital payments MCQ focus: NPCI, 25 August 2016, FY17 to FY26 growth, 11 countries, IMF recognition. TNPSC may ask which Indian platform became the backbone of real-time digital payments and financial inclusion.