10 years of UPI: India’s digital payment revolution continues at rapid pace

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New Delhi: India’s Unified Payments Interface (UPI) has completed ten years since its launch and continues to transform the country’s digital payment ecosystem. According to data from the Finance Ministry, Reserve Bank of India (RBI), CMIE, and the National Payments Corporation of India (NPCI), UPI has maintained an impressive annual growth rate of 20–30 percent even after a decade.

UPI has become the most widely used retail payment system in India, especially in terms of transaction volume. In June 2026, it accounted for nearly 84 percent of all retail payment transactions by volume and 58 percent by value, highlighting its dominance in everyday digital payments.

The platform has witnessed remarkable growth in transaction volume over the years. From just 0.02 billion transactions in FY17, UPI has expanded to 241.62 billion transactions in FY26, recording a 20.3 percent year-on-year growth in the latest financial year.

While UPI usage has increased significantly, the average transaction value has gradually declined in the post-pandemic period. The average transaction amount, which was around ₹1,836 during the pandemic years, has fallen to nearly ₹1,300 by July 2026. This suggests that UPI is increasingly being used for smaller, day-to-day purchases rather than only high-value transactions.

The overall value of UPI transactions has also grown rapidly and is now equivalent to around 70 percent of the total currency in circulation in India. This reflects the growing role of digital payments alongside cash in the economy.

UPI’s success is no longer limited to India. Its footprint has expanded internationally, with UPI-enabled payment services now available in countries including the UAE, Singapore, Nepal, Bhutan, Sri Lanka, Maldives, Mauritius, Cambodia, France, and Greece.

Over the past decade, UPI has revolutionized digital payments by enabling instant, real-time, and zero-cost mobile transactions, boosting financial inclusion and establishing India as a global leader in digital public infrastructure.

Harsh Kumar is a policy reporter at Mint (HT Media Group), where he covers the Ministry of Commerce and Industry along with key departments of the Ministry of Finance, including the Department of Economic Affairs (DEA) and the Department of Financial Services (DFS). With over five years of experience in business and economic journalism, he has developed strong expertise in tracking policy developments and their wider economic impact.

He has previously worked with Business Standard, Moneycontrol, and Outlook Money, where he reported extensively on banking, financial services, and the broader economy. Over the years, he has built a reputation for delivering accurate, insightful, and impactful stories, supported by a keen eye for detail and a consistent track record of breaking exclusive news.

An alumnus of Jamia Millia Islamia, Harsh closely follows regulatory changes and key economic trends shaping India’s financial and industrial landscape. His reporting aims to simplify complex policy issues for a wider audience while maintaining depth and credibility.

Outside of work, he enjoys tracking policy developments, finding scoops, and travelling, reflecting his curiosity about how economic decisions shape everyday life.

Pragya is the Editor of Plain Facts, the specialized data journalism vertical at Mint, where she leads a team dedicated to uncovering the stories hidden within complex datasets. Since taking the helm of the section in 2025, she has leveraged over a decade of journalistic expertise to bridge the gap between abstract numbers and storytelling.

Pragya has distinguished herself through rigorous data work on India’s most critical economic and social indicators in the last eight years. Her portfolio includes deep dives into the complexities of India’s GDP calculations, nuanced critiques of government datasets and surveys, and in-depth analysis of the Time-Use Survey. The latter notably highlighted the profound ways in which marriage reshapes the lives and labour of Indian women.

Pragya started her journey as a copy editor and a reporter at the Press Trust of India (PTI) in 2016. Her interest in data analysis led her to The Financial Express and Cogencis, where she got opportunities to examine India's public statistics through a rigorous lens. This was further cemented when she joined Plain Facts in 2021. She maintains that while data and charts drive the narrative, they must remain anchored in rigorous journalism—providing the essential context and relevance needed to influence both public policy and everyday lives.

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