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UPI Marks 10 Years Since August 25, 2016 Launch by NPCI
The Unified Payments Interface (UPI) completes 10 years of operations on August 25, 2026, since its launch by the National Payments Corporation of India (NPCI).
Unified Payments Interface (UPI):
| Dimension | Key Details |
|---|---|
| Developed by and regulatory oversight | UPI is developed by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI). |
| Launch date | UPI has been launched on August 25, 2016. |
| Core technology base | UPI is built upon the Immediate Payment Service (IMPS) infrastructure. |
| Transfer capability | UPI allows instant, 24/7/365 money transfers using a unique Virtual Payment Address (VPA or UPI ID) without revealing underlying bank account numbers. |
| Key features | UPI comprises features such as interoperability across multiple bank accounts and third-party applications (TPAPs), single-click 2-factor authentication, QR-code interoperability, integration with credit lines, conversational AI (UPI 123PAY), and offline payments (UPI Lite). |
| Annual transaction volume (FY 2016-17 vs FY 2025-26) | UPI annual transaction volume comprises 1.78 crore (FY 2016-17) and 24,162+ crore (FY 2025-26). |
| Annual transaction value (FY 2016-17 vs FY 2025-26) | UPI annual transaction value comprises ₹0.07 lakh crore (FY 2016-17) and ₹314 lakh crore (FY 2025-26). |
| Participating banks (FY 2016-17 vs FY 2025-26) | UPI participating banks comprise 21 banks (FY 2016-17) and 740+ live banks (FY 2025-26). |
| Global share of real-time payments | UPI accounts for nearly 49% of global real-time payment transaction volumes. |
| IMF recognition | The International Monetary Fund (IMF) recognizes UPI as the world’s largest real-time payment system. |
| Global acceptance and interlinking mechanisms | UPI cross-border acceptance and interlinking mechanisms, such as PayNow-UPI, are currently operational across 11 countries. |
| Countries with operational UPI cross-border acceptance | UPI cross-border acceptance and interlinking are operational in: Bhutan, Nepal, Sri Lanka, Singapore, Cambodia, Maldives, United Arab Emirates, Qatar, France, and Greece. |