India’s Unified Payments Interface (UPI) is reaching its 10th anniversary on April 11, having surged significantly in both volume and value. Starting from 17.86 million transactions worth Rs 6,952 crore in FY17, UPI has now reached 218.98 billion transactions totaling nearly Rs 285 lakh crore by FY26, as per data from Tracxn. The system saw gradual growth initially, with transactions increasing to 915 million in FY18 and 5.39 billion in FY19, before a significant uptick in FY20, handling 12.52 billion transactions valued at over Rs 21 lakh crore.
Transactions through UPI soared during the pandemic years, with volumes escalating to 22.33 billion in FY21 and further to 45.97 billion in FY22, doubling again to 83.75 billion transactions in FY23. Subsequently, UPI recorded 130.13 billion transactions in FY24 and 185.87 billion in FY25. In 2025 alone, UPI processed 228.5 billion transactions, marking a 33% year-on-year increase, with the total transaction value reaching Rs. 299.74 trillion, as reported.
The year 2025 witnessed an expansion in merchant acceptance infrastructure, with UPI QR codes witnessing a 15% year-on-year increase to 731.38 million. Additionally, point-of-sale terminals also grew by 15% to 11.48 million. The ecosystem saw a slight ease in Bharat QR deployments as it consolidated around UPI-led acceptance models, according to reports. Notably, one-month UPI transaction value stood at approximately Rs 28 lakh crore, accounting for roughly 70% of the economy’s total currency stock, highlighting the significant presence of digital payments compared to cash.
Moreover, India’s digital payments landscape experienced a robust resurgence in March 2026, with UPI recording its highest-ever monthly transaction volume since its inception in 2016. Data from the National Payments Corporation of India revealed that UPI processed 22.64 billion transactions in March, a notable increase from the 20.39 billion transactions in February. This figure also surpassed the previous high of 21.70 billion transactions in January, showcasing a 24% year-on-year growth.
