UPI completes 10 years; annual transactions cross 24,162 crore
The Unified Payments Interface, launched by NPCI on 25 August 2016, completed ten years on 25 August 2026, with annual volume up almost 13,000-fold to over 24,162 crore transactions in FY 2025-26.
Summary
The Unified Payments Interface (UPI), launched on 25 August 2016 by the National Payments Corporation of India (NPCI) under RBI oversight, completed ten years on 25 August 2026, and Prime Minister Narendra Modi invited citizens to share their UPI experiences. Annual UPI volume grew from 1.78 crore transactions in FY 2016-17 to over 24,162 crore in FY 2025-26, an almost 13,000-fold rise, while value grew from ₹0.07 lakh crore to about ₹314 lakh crore. Banks live on UPI rose from 44 to 703, and UPI now works in 11 countries, with Greece and the Maldives the latest. UPI was piloted in April 2016 with 21 member banks, and the BHIM app followed in December 2016.
Key facts
- Launched
- 25 Aug 2016 by NPCI (RBI oversight)
- Volume
- 1.78 crore (FY17) → 24,162 crore+ (FY26)
- Value
- ₹0.07 lakh cr (FY17) → ~₹314 lakh cr (FY26)
- Banks live
- 44 → 703
- Global
- Accepted in 11 countries; Greece and Maldives latest
- Milestones
- Pilot Apr 2016 with 21 banks; BHIM Dec 2016
Practice MCQs 3 questions
UPI, which completed ten years on 25 August 2026, was developed and launched by which organisation?
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Correct answer: B — National Payments Corporation of India
UPI was launched on 25 August 2016 by NPCI under the regulatory oversight of the RBI.
As of August 2026, in how many countries is UPI accepted, according to the government?
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Correct answer: C — 11
UPI is accepted in 11 countries, with Greece and the Maldives the latest to adopt it.
Consider the following statements about the evolution of UPI: 1. UPI was piloted in April 2016 with 44 member banks. 2. The BHIM app was launched in August 2016 along with UPI's public rollout. Which of the above is/are correct?
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Correct answer: D — Neither 1 nor 2
Both are wrong. The April 2016 pilot had 21 member banks (44 banks were live in FY 2016-17), and BHIM was launched in December 2016.