UPI Completes 10 Years of Digital Payments in India
UPI is officially 10 years old. Since its launch on 11 April 2016 by Dr Raghuram Rajan, the then Governor of the Reserve Bank of India (RBI), it has made huge strides in India’s digital...
UPI is officially 10 years old. Since its launch on 11 April 2016 by Dr Raghuram Rajan, the then Governor of the Reserve Bank of India (RBI), it has made huge strides in India’s digital payments industry.
A payment system that was once largely accessible to a limited section of society was made available to everyone through UPI. As digital payments grew rapidly across India, transactions were brought together through a single payment ecosystem operated by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India.
Leading the nationwide celebrations, Prime Minister Narendra Modi posted a short clip highlighting UPI’s 10-year journey. In his post, the Prime Minister described UPI as one of the biggest turning points in the history of payments.
The unprecedented growth in digital payments in India is among the most significant developments in the global payments industry.
The numbers are striking. UPI recorded a landmark achievement in July 2026, when a total of 2,366 crore, or 23.66 billion, transactions were processed in a single month. UPI also holds a dominant share of India’s digital payments market by transaction volume.
The NPCI is also expanding UPI internationally. The payment network is now operational in several countries, including the UAE, France, Sri Lanka, Qatar, Mauritius, Bhutan and Nepal. Global financial institutions such as the International Monetary Fund (IMF) have recognised India’s rapid growth in real-time digital payments.
But the technology is not limited to large businesses or urban consumers. From a vegetable vendor to a large grocery store owner, people across different sections of society can use UPI to receive and make payments conveniently.
You can watch the video uploaded by PM Modi below:
https://www.instagram.com/reel/Dcczcyvz8oi/?utm_source=ig_web_copy_link&igsi=MzRlODBiNWFlZA==
Prime Minister Narendra Modi has described UPI’s growth as a sign of India’s technological capabilities. The payment system has increasingly become a symbol of India’s digital payments infrastructure, allowing people and businesses to make transactions quickly using their mobile phones.
UPI has also helped improve transparency in digital transactions. Unlike cash payments, digital transactions leave an electronic record, making it easier for businesses and individuals to track their payments and income.
The system has particularly helped small businesses, vegetable vendors, rural shopkeepers and other micro-businesses participate in the formal digital economy. Earlier, many small businesses relied heavily on cash or had limited access to formal payment systems that required debit or credit cards.
UPI has also enabled millions of small-value transactions to take place digitally every day. These transactions create a financial record for users and businesses, which can potentially make it easier for them to demonstrate their income and financial activity when seeking formal banking services or loans.
Prime Minister Narendra Modi hailed UPI’s 10th anniversary as a major turning point in India’s digital journey, describing its scale and reach as a milestone for the country.
To mark the occasion, the government has also launched a nationwide campaign under the hashtag #10YearsOfUPI, inviting citizens and merchants to share their experiences of using the platform and how digital payments have changed their daily lives.
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