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   Unified Payments Interface - Wikipedia

   # Unified Payments Interface ## History In March 2009, the Reserve Bank of India ( [RBI](https://en.wikipedia.org/wiki/Reserve_Bank_of_India)) reported an annual average of just six non-cash transactions per capita, despite over 10 million retailers accepting card-based payments. A parallel challenge was combating [black money](https://en.wikipedia.org/wiki/Indian_black_money) and [corruption](https://en.wikipedia.org/wiki/Corruption_in_India), which were primarily facilitated by cash transactions. Rajan, Governor of the Reserve Bank of India, in Mumbai, with 21 member banks participating. [[20]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-20)[[21]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-:4-21) UPI works on a four-pillar push-pull interoperable model where there will be a remitter/beneficiary front-end PSP ( [payment service provider](https://en.wikipedia.org/wiki/Payment_service_provider)) and a remitter/beneficiary back-end bank that settles the monetary transaction for the users. [[14]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-:1-14)[[15]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-:2-15) With the exponential growth of UPI, India became the world's largest real-time payment market with 25.5 billion annual transactions in 2020 as per data from [ACI Worldwide](https://en.wikipedia.org/wiki/ACI_Worldwide) and [GlobalData](https://en.wikipedia.org/wiki/GlobalData). [[26]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-:6-26)[[27]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-27) The transaction limit was enhanced from ₹100,000 to ₹200,000 in March 2020. From December 2021, RBI again increased the limit to ₹500,000 for Retail Direct Scheme and IPO applications. [[28]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-:7-28) To make UPI economically feasible for payment companies, RBI is considering a [merchant discount rate](https://en.wikipedia.org/wiki/Merchant_discount_rate) (MDR) on future UPI transactions. [[30]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-30) In partnership with the NSDL Payments Bank and NPCI, ToneTag launched VoiceSE, which will enable 40 crores (400 million) feature phone users to make UPI payments using voice in [Hindi](https://en.wikipedia.org/wiki/Hindi), [Telugu](https://en.wikipedia.org/wiki/Telugu_language), [Tamil](https://en.wikipedia.org/wiki/Tamil_language), [Malayalam](https://en.wikipedia.org/wiki/Malayalam), [Kannada](https://en.wikipedia.org/wiki/Kannada), and [Bengali](https://en.wikipedia.org/wiki/Bengali_language) languages. Currently, around 70% of UPI users are from places other than Tier-1 cities with over 80% of newly registered users originating from Tier-2 cities. [[32]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-32) On 8 August 2024, RBI suggested raising the UPI tax payment ceiling from ₹1 lakh to ₹5 lakh. Over 640 million transactions are handled via UPI per day, compared to 639 million by Visa. ## Internationalization [[133]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-133) As per NPCI and RBI mandate, banks, payment service providers (PSPs) and third-party application providers (TPAPs) in India must enable international acceptance through UPI from 30 September 2022. With the release of the Payments Vision 2025 document on 17 June 2022, RBI will push for internationalization of UPI with nations using [United States dollar](https://en.wikipedia.org/wiki/United_States_dollar), [Pound sterling](https://en.wikipedia.org/wiki/Pound_sterling) and [Euro](https://en.wikipedia.org/wiki/Euro) under bilateral treaties. Users will be able to pay in international currency directly from Indian bank accounts. [[139]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-139) NIPL signed a definitive agreement with PPRO Financial on 27 April 2023 that will enable acceptance of UPI among international payment service providers (PSPs) and global merchant acquirers. On 18 July 2023, [Universal Postal Union](https://en.wikipedia.org/wiki/Universal_Postal_Union) Director General [Masahiko Metoki](https://en.wikipedia.org/wiki/Masahiko_Metoki) met with Union Minister [Ashwini Vaishnaw](https://en.wikipedia.org/wiki/Ashwini_Vaishnaw) from the [Ministry of Communications](https://en.wikipedia.org/wiki/Ministry_of_Communications_(India)). Indian customers will be able to send money abroad using UPI thanks to WhatsApp's upcoming introduction of international payment capabilities. It is anticipated that the functionality will go live for beta testers prior to an official release. ## Acceptance ### India (Domestic) United Arab Emirates and Singapore, both of which have sizeable Indian expatriate populations, have begun regarding the operation of UPI in those countries; this would also facilitate ease of payment for Indian tourists traveling there. [[170]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-170) NPCI is planning to link UPI with standalone mobile wallets so that users can transfer money from one provider to another one which until now is restricted due to use of closed source technology. There is also provision for off-line UPI payment through the use of [near field communication](https://en.wikipedia.org/wiki/Near-field_communication) (NFC). [[171]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-171) From 5 September 2019, [Play Store](https://en.wikipedia.org/wiki/Play_Store) enabled UPI for purchasing apps, games and in-app content. [[172]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-172) On 20 April 2020, Google added support for UPI payment in India to buy membership of [YouTube Premium](https://en.wikipedia.org/wiki/YouTube_Premium) and [YouTube Music](https://en.wikipedia.org/wiki/YouTube_Music) either directly through a website or on the mobile application. Now Indian users can also buy or rent movies from [Google TV](https://en.wikipedia.org/wiki/Google_TV_(service)). UPI is also enabled for the YouTube SuperChat feature. [[173]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-173) From July 2021, [Apple](https://en.wikipedia.org/wiki/Apple_Inc.) [iPhone](https://en.wikipedia.org/wiki/IPhone), [iPad](https://en.wikipedia.org/wiki/IPad), and [IPod Touch](https://en.wikipedia.org/wiki/IPod_Touch) users in India can use UPI on [App Store](https://en.wikipedia.org/wiki/App_Store_(iOS/iPadOS)) and [iTunes Store](https://en.wikipedia.org/wiki/ITunes_Store). [[174]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-174)As of 2021[[update]](https://en.wikipedia.org/w/index.php?title=Unified_Payments_Interface&action=edit) [NPCI International Payments Limited](https://en.wikipedia.org/wiki/NPCI_International_Payments_Limited) (NIPL) was planning to extend UPI to markets in the United States, West Asia and Europe. [[175]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-175) On 4 August 2021, [ICICI Prudential Life Insurance](https://en.wikipedia.org/wiki/ICICI_Prudential_Life_Insurance) started supporting UPI AutoPay feature for insurance payment. [[176]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-176)[[177]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-177) In August 2021, [Dish TV](https://en.wikipedia.org/wiki/Dish_TV) introduced UPI scan and pay feature for the first time in a nationwide rollout due to [COVID-19](https://en.wikipedia.org/wiki/COVID-19_pandemic_in_India) restriction and heavy demand for no contact digital payment solutions. [[178]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-178) From 31 August 2021, [Netflix](https://en.wikipedia.org/wiki/Netflix) integrated UPI AutoPay feature for Indian subscribers which was until now limited to credit and debit cards from [Visa](https://en.wikipedia.org/wiki/Visa_Inc.), [Mastercard](https://en.wikipedia.org/wiki/Mastercard), [American Express](https://en.wikipedia.org/wiki/American_Express), and [Diners Club International](https://en.wikipedia.org/wiki/Diners_Club_International). [[179]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-179) As per April 2021 RBI Monetary Policy Committee directive, after 31 March 2022, all the " [know your customer](https://en.wikipedia.org/wiki/Know_your_customer)" (KYC)-compliant [digital wallets](https://en.wikipedia.org/wiki/Digital_wallet) will become interoperable by using UPI system. [[180]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-180) In August 2021, [Hotstar](https://en.wikipedia.org/wiki/Hotstar) started supporting UPI AutoPay feature. [The Hindu](https://en.wikipedia.org/wiki/The_Hindu), Times Prime, [PayU](https://en.wikipedia.org/wiki/PayU), Financial Software and Systems, Testbook Edu Solutions, Open Financial Technologies, [Angel Broking](https://en.wikipedia.org/wiki/Angel_Broking) and 5Paisa Capital moved to UPI AutoPay in September 2021. [[181]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-181) Due to high usage, [Samsung Electronics](https://en.wikipedia.org/wiki/Samsung_Electronics) integrated UPI [barcode scanner](https://en.wikipedia.org/wiki/Barcode_reader) directly into mobile camera application for faster payment. [[182]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-182) On 3 January 2022, [SonyLIV](https://en.wikipedia.org/wiki/SonyLIV) launched UPI AutoPay for all its subscribers. [[183]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-183) NPCI with [Jio](https://en.wikipedia.org/wiki/Jio) introduced UPI AutoPay for prepaid and postpaid mobile subscribers from 6 January 2022. [[184]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-184) Tata Mutual Fund with CAMSPay enabled UPI AutoPay feature for [Systematic Investment Plan](https://en.wikipedia.org/wiki/Systematic_investment_plan) (SIP) from July 2022.[[185]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-185) [Google Play](https://en.wikipedia.org/wiki/Google_Play) started supporting UPI AutoPay for subscription services from 15 November 2022. [[186]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-186) [Bangalore Metropolitan Transport Corporation](https://en.wikipedia.org/wiki/Bangalore_Metropolitan_Transport_Corporation) (BMTC) & [Tamil Nadu State Transport Corporation](https://en.wikipedia.org/wiki/Tamil_Nadu_State_Transport_Corporation) (TNSTC) will start UPI based ticketing system from 2023. [[187]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-187) [Lucknow Municipal Corporation](https://en.wikipedia.org/wiki/Lucknow_Municipal_Corporation) (LMC) in collaboration with [Paytm](https://en.wikipedia.org/wiki/Paytm) setting up QR code for housing tax. [[188]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-188) [Kotak Mahindra Bank](https://en.wikipedia.org/wiki/Kotak_Mahindra_Bank) has rolled out the UPI payment facility for the [Goods and Services Tax](https://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India)) Network (GSTN) in the following states: Assam, Delhi, Goa, Gujarat, Haryana, Himachal Pradesh, Kerala, Madhya Pradesh, Maharashtra, and Odisha. [[189]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-189) On 25 January 2024, [North Western Karnataka Road Transport Corporation](https://en.wikipedia.org/wiki/North_Western_Karnataka_Road_Transport_Corporation) (NWKRTC) achieved a significant milestone by processing over one lakh UPI transactions, valued at over ₹2 crore. Additionally, the [Karnataka State Road Transport Corporation](https://en.wikipedia.org/wiki/Karnataka_State_Road_Transport_Corporation) (KSRTC), is also planning to accept UPI payments. [[190]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-190) The [Metropolitan Transport Corporation](https://en.wikipedia.org/wiki/Metropolitan_Transport_Corporation_(Chennai)) (MTC) has provided new handheld devices with UPI capability to its bus conductors in [Pallavaram](https://en.wikipedia.org/wiki/Pallavaram). Other bus depots in Chennai will also be included in the pilot experiment in future. For all MTC buses, the Tamil Nadu Infrastructure Development Board (TNIDB) intends to implement a QR-based ticketing system for UPI payment. [[191]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-191) NPCI has integrated [Kendriya Vidyalaya Sangathan](https://en.wikipedia.org/wiki/Kendriya_Vidyalaya_Sangathan) with the [Bharat Bill Payment System](https://en.wikipedia.org/wiki/Bharat_Bill_Payment_System), allowing pupils to pay their school fees with UPI. [[192]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-192) UPI-based ticketing system made accessible from June 2024 at [Kolkata Metro Blue Line](https://en.wikipedia.org/wiki/Kolkata_Metro_Blue_Line). Automatic Smart Card Recharge Machine has already incorporated it. Additionally, [Kolkata Metro Green Line](https://en.wikipedia.org/wiki/Kolkata_Metro_Green_Line) stations also have UPI facility.[[193]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-193) [Kolkata Metro Orange Line](https://en.wikipedia.org/wiki/Kolkata_Metro_Orange_Line) were made UPI enabled from July 2024. [[194]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-194) With the goal of reducing reliance on third-party apps, minimizing unsuccessful payments, and streamlining the checkout process, [Zomato](https://en.wikipedia.org/wiki/Zomato) and [Swiggy](https://en.wikipedia.org/wiki/Swiggy) launched their own UPI services. Zomato partnered with ICICI Bank, whereas Swiggy is utilizing the UPI Plugin to enable payment, doing away with the need for a TPAP license. [[195]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-195)[[196]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-196) The implementation of UPI for transactions in government offices has been approved by the Kerala Finance Department on 25 July 2024. UPI payment methods for temple offerings have also been implemented by the [Travancore Devaswom Board](https://en.wikipedia.org/wiki/Travancore_Devaswom_Board). [[197]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-197) Under schemes like Rebate of State and Central Taxes and Levies (RoSCTL) and Remission of Duties and Taxes on Exported Products (RoDTEP), Indian government will permit the payment of customs duties via UPI and expand its use beyond duty payments to include expedited processing of refunds and incentives. [[198]](https://en.wikipedia.org/wiki/Unified_Payments_Interface#cite_note-198) ## References 5. 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2. Iinstagram.com › p › Dds1ofClGxcEN

   New UPI rules. Same everyday ease. So, what ... - Instagram

   UPI's new MDR framework explained! From 15 October 2026, a 0.4% MDR will apply to select P2M UPI payments above ₹2,000, capped at ₹300. No ...
3. Ffinancialservices.gov.in › sites › default › filesEN

   [PDF] Merchant Discount Rate (MDR) on Select UPI (P2M) Transactions

   # Merchant Discount Rate (MDR) on Select UPI (P2M) Transactions ## FREQUENTLY ASKED QUESTIONS (FAQs) ### Q1. Why is this Merchant Discount Rate (MDR) being introduced now? **Answer:** UPI processes billions of transactions every month. The MDR is distributed only service. The charges are kept very reasonable and will be applicable only for transactions above ₹ 2,000 to ensure UPI remains the most affordable mode of accepting payments. ### Q2. Will small-value UPI transactions be impacted? **Answer:** There is no impact on small-value UPI transactions up to ₹ 2,000, which comprise more than 95% of the total volume of UPI (P2M) transactions. The intent of levying reasonable MDR is to ensure that UPI remains, accessible and convenient for everyday transactions while supporting long-term ecosystem sustainability. ### Q6. How does this compare with international payment systems? economic models that support infrastructure and innovation. India's approach continues to prioritise accessibility, scale and inclusion. ### Q10. Why is reliance on government subsidies alone no longer sufficient for UPI? **Answer:** Annual government incentive / subsidy, while helpful in accelerating early digital compensate the cost incurred by the payment industry. technical support costs around ~₹20,000 crore annually. Transitioning to a commercial, threshold-based model provides reliable capital for ### Q13. How far has UPI expanded internationally as of 2026? foundation strengthens India's role as a global leader in digital financial infrastructure. ### Q14. What is the current UPI's transaction volume and value scale and why it needs to be self-sustainable? **Answer:** Demonstrating unprecedented public adoption, UPI processed an astonishing 2,451 crore transactions valued at ₹29.9 lakh crore in August 2026 alone. This immense volume highlights UPI's role as the primary financial engine of the Indian economy, handling hundreds of millions of daily payments. infrastructure, high-speed telecommunication lines, multi-tiered cybersecurity monitoring, and specialised banking software. These transaction figures reinforce why establishing a selfsustaining funding framework was necessary to guarantee system stability. ### Q15. Will ordinary consumers be charged for making payments via UPI? **Answer:** No, UPI services will continue without any cost to consumers. Consumers can continue to transact free-of-cost using UPI as they have been doing till now. Consumers making payments through UPI will not face any charges. Individual account holders can continue using UPI applications for all routine, daily expenses without worrying about any charges. The MDR policy ensures that UPI remain free and accessible for all citizens across India. ### Q21. Where can ordinary users verify official updates regarding UPI charges? **Answer:** Citizens are strongly advised to consult official updates published directly by the Ministry of Finance, the Reserve Bank of India (RBI), or the National Payments Corporation of India (NPCI). issued through the Press Information Bureau (PIB), RBI or NPCI serve as the primary source banking applications. ### Q39. Are insurance premium payments eligible for special MDR concessions? **Answer:** Yes, insurance premium payments accepted via UPI qualify for specialised flat-rate concessions. For insurance premium payments exceeding ₹2,000, a flat MDR of ₹5 per transaction applies, rather than a percentage-based charge. This concessional model ensures heavy backend fee friction. Insurance companies benefit from low-cost digital collections, helping expand insurance coverage across India. ### Q40. How does MDR work for fuel purchases at petrol pumps via UPI? **Answer:** Fuel purchases made at petrol stations via UPI qualify for the flat concessional rate of ₹5 for payments over ₹2,000. The flat ₹5 fee protects petrol pump operators from high processing fees on tank refills. For all fuel payments under ₹2,000, the MDR remains at 0%, ensuring everyday commuter refuelling is completely charge-free, while fuel station operators are not subject to any MDR on such transactions.
4. Ppib.gov.in › PressReleasePage.aspxहिं

   UPI completes 10 years, emerges as world's largest real-time ...

   # UPI completes 10 glorious years, Emerges as World’s Largest Real-Time Payments Platform, Anchoring India’s Digital Economy ### Transaction volume surges nearly 12,000-fold in last 10 years, Value exceeds ₹314 lakh crore in FY 2025–26, reflecting deep nationwide adoption Over 700 banks onboarded as UPI captures nearly 49% of global real-time payments, driving high-frequency retail usage and inclusive digital growth Posted On: 30 APR 2026 7:10PM by PIB Delhi The Unified Payments Interface (UPI), launched on 11 April 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has emerged as the backbone of India’s digital payments ecosystem and a critical driver of financial inclusion. Over a decade of operations, UPI has demonstrated extraordinary scale and momentum. Parallelly, transaction value rose sharply from ₹0.07 lakh crore in FY 2016-17 to approximately ₹314 lakh crore in FY 2025-26, translating into a more than 4,000‑fold increase in transaction value. This simultaneous expansion in both volume and value highlights UPI’s deepening role in supporting high‑frequency retail payments. The unprecedented scale, reliability, and interoperability achieved by UPI have received global recognition, with the International Monetary Fund (IMF) acknowledging it as the world’s largest real‑time payment system by transaction volume, underscoring India’s leadership in building scalable, inclusive, and innovative digital public infrastructure. | | | |-|-| | **UPI AT A GLANCE : KEY STATISTICS (NPCI)** | | **Annual Transaction Volume (FY2025-26)** | **24,161.69 Crore** | | **Annual Transaction Value (FY2025-26)** | **₹314 Lakh Crore** | | **YoY Volume Growth (2025-2026)** | **30.0%** | | **YoY Value Growth (2025-2026)** | **20.59%** | | **Daily Average Transactions (2025)** | **66 Crore** | | **Record Monthly Volume (March 2026)** | **2264 Crore (peak)** | | **Record Monthly Value (March 2026)** | **₹29.53 Lakh Crore** | | **Banks Live on UPI (As on March 2026)** | **703 Banks** | | **Banks at Launch (April 2016)** | **21 Banks** | | **First Month Transactions (April 2016)** | **373** | | **Share of UPI in India's Digital Payments** | **85% (FY2025-26)** | | **Share of Global Real-Time Volume** | **49% of World (2025)** | | **Countries Accepting UPI** | **8 Countries** |  **II.** This momentum continued through the remainder of the year, with December 2025 recording 2,163 crore transactions, the highest monthly transaction volume in UPI’s decade‑long journey. This sustained high‑frequency usage reflects the deep penetration of digital payments across the country and the growing trust of citizens, merchants, and businesses in India’s digital payments ecosystem.  **III.** The number of banks live on UPI increased from **44 banks in FY 2016-17**, the first year of operations, to **703 banks by FY 2025-26**. This onboarding covers public sector banks, private banks, small finance banks, payment banks, and cooperative banks, enabling UPI's deep geographic reach. Each bank functions as a **Remitter PSP** (processing outgoing transactions) and/or a **Beneficiary PSP** (receiving funds), with NPCI monitoring performance metrics for all participants. An analysis of UPI transactions highlights a clear divergence between volume and value across payment types. Person‑to‑merchant (P2M) transactions account for 63% of total transaction volume, reflecting UPI’s extensive use for high‑frequency, low‑value retail payments. In contrast, person‑to‑person (P2P) transactions dominate transaction value, contributing 71%, indicating their use for higher‑ticket transfers between individuals. This contrast underscores UPI’s dual role as a mass retail payments platform and a trusted channel for larger‑value fund transfers. **Transaction Distribution by Ticket Size, Micro-Payments Dominate** Fig 5: UPI P2P vs P2M Split, Volume & Value In FY2026, UPI transactions totalling 24,162 crore reflected the platform’s deep integration into everyday digital payment usage across the country. with particularly robust momentum in the merchant segment. P2M transactions were largely driven by small-ticket payments, with 86% below ₹500, highlighting UPI’s deep integration into routine retail and day-to-day commerce, even as higher-value transactions continued to expand. P2P transactions also showed widespread usage for low-value transfers (59% below ₹500), while a significant 41% of transactions above ₹500 reflects UPI’s growing versatility in facilitating both regular personal payments and higher-value fund transfers.  Fig 6: UPI transaction distribution by ticket size **V.** With over 66 crores transactions processed daily, UPI has surpassed global payment network, reinforcing India’s position as the world leader in instant, secure, and inclusive digital payments. | | | |-|-| | **Country / Region** | **Status** | | **UAE** | Operational, accepted at major merchant points; used by Indian diaspora | | **Singapore** | Operational, linked with Singapore's PayNow for cross-border transfers | | **Bhutan** | Operational, NPCI-enabled real-time cross-border payments | | **Nepal** | Operational, accepted across the nation | | **Sri Lanka** | Operational, Indian visitor and diaspora payments | | **Mauritius** | Operational, integrated with local payment infrastructure | | **Qatar** | Operational. | **VI.** **AD** [Gujarati](https://pib.gov.in/PressReleasePage.aspx?PRID=2257109) , [Urdu](https://pib.gov.in/PressReleasePage.aspx?PRID=2257135) , [हिन्दी](https://pib.gov.in/PressReleasePage.aspx?PRID=2257168) Over 700 banks onboarded as UPI captures nearly 49% of global real-time payments, driving high-frequency retail usage and inclusive digital growth Posted On: 30 APR 2026 7:10PM by PIB Delhi The Unified Payments Interface (UPI), launched on 11 April 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has emerged as the backbone of India’s digital payments ecosystem and a critical driver of financial inclusion. Over a decade of operations, UPI has demonstrated extraordinary scale and momentum. Parallelly, transaction value rose sharply from ₹0.07 lakh crore in FY 2016-17 to approximately ₹314 lakh crore in FY 2025-26, translating into a more than 4,000‑fold increase in transaction value. This simultaneous expansion in both volume and value highlights UPI’s deepening role in supporting high‑frequency retail payments. The unprecedented scale, reliability, and interoperability achieved by UPI have received global recognition, with the International Monetary Fund (IMF) acknowledging it as the world’s largest real‑time payment system by transaction volume, underscoring India’s leadership in building scalable, inclusive, and innovative digital public infrastructure. | | | |-|-| | **UPI AT A GLANCE : KEY STATISTICS (NPCI)** | | **Annual Transaction Volume (FY2025-26)** | **24,161.69 Crore** | | **Annual Transaction Value (FY2025-26)** | **₹314 Lakh Crore** | | **YoY Volume Growth (2025-2026)** | **30.0%** | | **YoY Value Growth (2025-2026)** | **20.59%** | | **Daily Average Transactions (2025)** | **66 Crore** | | **Record Monthly Volume (March 2026)** | **2264 Crore (peak)** | | **Record Monthly Value (March 2026)** | **₹29.53 Lakh Crore** | | **Banks Live on UPI (As on March 2026)** | **703 Banks** | | **Banks at Launch (April 2016)** | **21 Banks** | | **First Month Transactions (April 2016)** | **373** | | **Share of UPI in India's Digital Payments** | **85% (FY2025-26)** | | **Share of Global Real-Time Volume** | **49% of World (2025)** | | **Countries Accepting UPI** | **8 Countries** |  **II.** This momentum continued through the remainder of the year, with December 2025 recording 2,163 crore transactions, the highest monthly transaction volume in UPI’s decade‑long journey. This sustained high‑frequency usage reflects the deep penetration of digital payments across the country and the growing trust of citizens, merchants, and businesses in India’s digital payments ecosystem.  **III.** The number of banks live on UPI increased from **44 banks in FY 2016-17**, the first year of operations, to **703 banks by FY 2025-26**. This onboarding covers public sector banks, private banks, small finance banks, payment banks, and cooperative banks, enabling UPI's deep geographic reach. Each bank functions as a **Remitter PSP** (processing outgoing transactions) and/or a **Beneficiary PSP** (receiving funds), with NPCI monitoring performance metrics for all participants. An analysis of UPI transactions highlights a clear divergence between volume and value across payment types. Person‑to‑merchant (P2M) transactions account for 63% of total transaction volume, reflecting UPI’s extensive use for high‑frequency, low‑value retail payments. In contrast, person‑to‑person (P2P) transactions dominate transaction value, contributing 71%, indicating their use for higher‑ticket transfers between individuals. This contrast underscores UPI’s dual role as a mass retail payments platform and a trusted channel for larger‑value fund transfers. **Transaction Distribution by Ticket Size, Micro-Payments Dominate** Fig 5: UPI P2P vs P2M Split, Volume & Value In FY2026, UPI transactions totalling 24,162 crore reflected the platform’s deep integration into everyday digital payment usage across the country. with particularly robust momentum in the merchant segment. P2M transactions were largely driven by small-ticket payments, with 86% below ₹500, highlighting UPI’s deep integration into routine retail and day-to-day commerce, even as higher-value transactions continued to expand. P2P transactions also showed widespread usage for low-value transfers (59% below ₹500), while a significant 41% of transactions above ₹500 reflects UPI’s growing versatility in facilitating both regular personal payments and higher-value fund transfers.  Fig 6: UPI transaction distribution by ticket size **V.** With over 66 crores transactions processed daily, UPI has surpassed global payment network, reinforcing India’s position as the world leader in instant, secure, and inclusive digital payments. | | | |-|-| | **Country / Region** | **Status** | | **UAE** | Operational, accepted at major merchant points; used by Indian diaspora | | **Singapore** | Operational, linked with Singapore's PayNow for cross-border transfers | | **Bhutan** | Operational, NPCI-enabled real-time cross-border payments | | **Nepal** | Operational, accepted across the nation | | **Sri Lanka** | Operational, Indian visitor and diaspora payments | | **Mauritius** | Operational, integrated with local payment infrastructure | | **Qatar** | Operational. | ## Cookies on this website We use essential cookies to make this website work. We also set analytics cookies when you arrive, so we can see how the site is used and improve it - you can switch these off below or at any time from the Cookie Policy page. Cookies from embedded social media content are set only if you allow them.
5. Iinvestopedia.com › terms › u › unified-payment-interface-upi.aspEN

   Unified Payments Interface (UPI): How It Works and Its Benefits

   Learn about UPI, India's secure mobile payment system, offering real-time transactions and eliminating the need for cash or cards, ...
6. Ffacebook.com › bosswallahtamil › posts › upi-payment-rule-2026-new-2000-rule-for-merchants-explained-upi-upirules-upipaymEN

   UPI Payment Rule 2026: New ₹2,000 Rule for Merchants ...

   The video also explains that larger payments of over ₹2,000 are not free and that customers are not required to pay any charges. Furthermore, ...
7. Bbbc.com › news › articles › c8xnwqe00v1oEN

   India built a digital payments miracle. Now comes the bill. - BBC

   News Business Technology Earth Audio Live # India built the world's biggest digital payments miracle. Now comes the bill For most Indians, paying by Unified Payments Interface (UPI) has become almost absurdly routine. Scan a QR code, tap a few buttons and the money moves instantly. There is no card machine, no cash, and - most importantly - for the user, no visible fee. India has [paved the way](https://thewire.in/banking/lok-sabha-passes-bill-allowing-govt-to-permit-banks-others-to-charge-for-upi-transactions) for banks and payment companies to charge merchants a fee on UPI transactions, potentially ending a decade-long experiment in free digital payments. The government has yet to decide the rate or exactly where it will apply, but proposals under discussion include a merchant discount rate (MDR) of 0.3-0.5% - a small fee paid by a business to the banks and payment companies that process its UPI payments - on larger transactions at big businesses. The government [says](https://www.pib.gov.in/PressReleasePage.aspx?PRID=2296594&reg=48&lang=2) consumers and person-to-person UPI payments will remain free. If merchant fees are introduced, they will apply only to some transactions above a set threshold, at a nominal rate, meaning most UPI payments will remain free. A man stands beside a horse fitted with a payments QR code near its eye, allowing riders to pay digitally after a beach ride According to official data, in July alone, there were 23.6 billion UPI transactions worth 29.87 trillion rupees ($313.5bn; £232.2bn). Fintech apps such as PhonePe and Google Pay account for most UPI payments. In the financial year just ended, the figure was about 241.6 billion transactions - almost 12,000 times the volume in UPI's first full year. UPI is not merely big. The system is run by the National Payments Corporation of India, a non-profit entity, with banks and technology companies providing the consumer-facing services. A vegetable seller, taxi driver or small shopkeeper does not need to buy a card terminal to accept UPI. A printed QR code will do. "Our study suggests that merchant acceptance is not just a result of UPI growth, but one of its key drivers," Motheram says. Districts with stronger merchant networks tended to see higher UPI adoption. "If charges are limited to large merchants or higher-value transactions, the effect on broad-based adoption may be modest. But if they reach small and informal merchants, especially in districts where acceptance networks are still developing, they could slow the merchant expansion that has helped UPI scale," he says. One option reportedly under discussion would target transactions above 2,000 rupees at larger merchants, leaving small businesses and low-value payments untouched. Transactions above that threshold account for only about 4% of merchant-payment volumes but roughly 67% of their value, according to brokerage firm Jefferies. That could generate a sizeable new revenue stream - up to a billion dollars, by one [estimate](https://x.com/refsrc/status/2084486790405345404?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2084486790405345404%7Ctwgr%5E76a20d07d91e080db36c073d97839e992897e0cf%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.medianama.com%2F2026%2F08%2F223-rbi-governor-upi-mdr-premature%2F) - for banks and payment companies while leaving the everyday smaller payment to the neighbourhood grocer effectively unchanged. UPI may feel free, but it is not costless. Even street food vendors accept digitial payments in India Servers have to run, transactions settled, fraud detected and the system protected against cyberattacks. For years, the government has helped compensate banks and payment firms for providing a service that has effectively been treated as public infrastructure. As Sanjay Malhotra, governor of the Reserve Bank of India (RBI), the country's central bank, recently put it: "Someone will have to pay the cost." But the economics become trickier the further down the merchant chain a fee travels. But it offers a warning against assuming that a small fee will have a small effect. "Even a small fee could matter if it changes the incentives of small merchants operating on thin margins," he says. The effect, he argues, depends heavily on the design of the charge. A fee imposed on a large retailer is very different from one imposed on a tiny shop or informal trader. "If charges are limited to large merchants or high-value transactions, the risk to mass adoption is likely lower," Motheram says. Yet it is the world's [fastest-growing real-time payment system,](https://www.rebill.com/en/blog/pix-your-ticket-to-the-brazilian-market) used by more than 140 million people and 14 million companies, with more than four billion transactions a month averaging about $88 each. The first phase was about creating the network. The third is now beginning: figuring out how to pay for the system without making it less useful.
8. Sstripe.com › ae › resources › moreEN

   What is Unified Payments Interface (UPI)? - Stripe

   Unified Payments Interface is India's real-time payment system. UPI moves money instantly between bank accounts via a mobile device. UPI ...
9. Yyoutube.com › watchEN

   Apple Pay To Enter India's UPI-Dominated Payments Market

   # Apple Pay To Enter India’s UPI-Dominated Payments Market | Here's How It Will Work | FP Explains [](https://www.youtube.com/@Firstpost) [Firstpost](https://www.youtube.com/@Firstpost) Firstpost 9.81M subscribers Subscribe Subscribed 368 Download 76K views1mo ago [#applepay](https://www.youtube.com/hashtag/applepay) [#firstpost](https://www.youtube.com/hashtag/firstpost) [#upi](https://www.youtube.com/hashtag/upi) 76,087 views • Sep 22, 2026 • #applepay #firstpost #upi Apple Pay could finally launch in India in October 2026, ending a wait of more than a decade. In this video, Firstpost explains how Apple Pay will work and whether India needs it amid the UPI boom. The service is expected to begin with Axis Bank credit cards, while talks with HDFC Bank and ICICI B…more more How this was made Auto-dubbed Audio tracks for some languages were automatically generated. [Learn more](https://support.google.com/youtube/answer/15569972?hl=en) Follow along using the transcript. Show transcript [Videos](https://www.youtube.com/channel/UCz8QaiQxApLq8sLNcszYyJw/videos)[About](https://www.youtube.com/channel/UCz8QaiQxApLq8sLNcszYyJw/about)[Firstpost](https://www.youtube.com/channel/UCz8QaiQxApLq8sLNcszYyJw)[Twitter](https://www.youtube.com/redirect?event=Watch_SD_EP&redir_token=QUlxb01IYlJ5OTF6Zi1sTHlQcnA2N19TRnlDbXxBSTVJdTV2ejJKNEVFdTZsWjdqSThtWGlnX0RYMnlCTUZDcXJQSnlMYkhtVFp2OVFUMFJ0aXcyTkdieUZfTWdhLTBnLUx1WW1JQ1l4QmFTeU1SMjBfQ25OelNqazg5ZlNQcHZ1&q=https%3A%2F%2Fwww.twitter.com%2Ffirstpost)[Facebook](https://www.youtube.com/redirect?event=Watch_SD_EP&redir_token=QUlxb01IYXl2YkVwS2hBcTQ3X1dZZFpmc0RnVnxBSTVJdTV1NUdORGFOenZhMzZJbGkwZy1oQV93cUhGZjh2ZHMwc3pUS1NqSU1UYno0X0ZQSW9FbTVzZjJuYUMwekFRNmt6TUZHOEN2WGdLY1JlZkVqTHJMNU1LM3o5WFRfMGdC&q=https%3A%2F%2Fwww.facebook.com%2Ffirstpostin)[Instagram](https://www.youtube.com/redirect?event=Watch_SD_EP&redir_token=QUlxb01IWjFVYUZZRUtBRDlNV0dzZDhfWTNSbHxBSTVJdTV1X1ZtdFRmN2o0MnpWdENLdF9zUVdRZW5TM01mX1JiOUppd1RmTTd2RXJTMXJYSVRjeXg3M3c5aTRXODJWOERTZG5NZGZ0QVhkYXlkYU9wVDBrQllpdnJvUVA4Q1pD&q=https%3A%2F%2Fwww.instagram.com%2Ffirstpost) Show less [#applepay](https://www.youtube.com/hashtag/applepay) [#firstpost](https://www.youtube.com/hashtag/firstpost) [#upi](https://www.youtube.com/hashtag/upi) 76,087 views76K views Sep 22, 2026 368 Download  Apple could not work in india because all payments data is required to share with rbi apple pay has great privacy features not allowed in india Show lessRead more Like 11 Dislike Reply 2 replies Hide replies 2 replies  this is happenening when i have moved from google pay to bank app upi Show lessRead more Like 1 Dislike Reply  i need applr pay , i always used samsung pay to pay using credit card , now after switching to apple , i cannot use it now , i am waiting for it Show lessRead more Like Dislike Reply  So it is part of US pressure to lower UPI usage and increase US payment system usage such as visa Mastercard and now apple payment. We may hear some other payment system in near future. We totally surrendered before US, unfortunately. Show lessRead more Like 18 Dislike Reply 4 replies Hide replies 4 replies  In Apple Pay there was no deadline or interest on late payment. Looks like we will monetise that as well. Show lessRead more Like 2 Dislike Reply 1 reply Hide replies 1 reply  UPI needs internet connection meanwhile apple pay does not need internet connection it can work without internet connection Show lessRead more Like Dislike Reply  My question When America puts pressure on Apple to prioritize its own national interests, shouldn't India also prioritize its own interests? In this regard, we should consider manufacturing, employment, tax revenue, and consumer benefits together. Show lessRead more Like Dislike Reply  Anyhow after few years people will not buy Apple latest iPhone has minimum price 1.7 lakh Show lessRead more Like Dislike Reply 1 reply Hide replies 1 reply  നല്ലൊരു തീരുമാനം ആണ് Apple Pay ഇന്ത്യയിൽ വന്നാൽ ജനങ്ങൾക്ക് ഉപകാരമാകും സുരക്ഷയും കൂടുതൽ ആണ് Show lessRead more Like 4 Dislike Reply 2 replies Hide replies 2 replies  Much needed…… wish this could also be available in Sri Lanka soon…….. Show lessRead more Like Dislike Reply  lmao the gemini logo in the thumbnail, do better.. Show lessRead more Like Dislike Reply  I just want to use apple pay or credit card directly at Delhi Metro Show lessRead more Like Dislike Reply  apple pay will fail miserably in India if they don’t asap put UPI system. Show lessRead more Like 3 Dislike Reply 8 replies Hide replies 8 replies  Does UPI transaction charges make sense now? Show lessRead more Like Dislike Reply 1 reply Hide replies 1 reply  Not many have iPhones here so… Show lessRead more Like Dislike Reply  Worst time to enter the market when there is upi is also getting taxed , very last to market  Show lessRead more Like 1 Dislike Reply 1 reply Hide replies 1 reply Top is selected, so you'll see featured comments ## Apple Pay To Enter India’s UPI-Dominated Payments Market | Here's How It Will Work | FP Explains Firstpost Firstpost 368Likes 76KViews Sep 222026 Apple Pay could finally launch in India in October 2026, ending a wait of more than a decade. In this video, Firstpost explains how Apple Pay will work and whether India needs it amid the UPI boom. The service is expected to begin with Axis Bank credit cards, while talks with HDFC Bank and ICICI Bank are reportedly underway. Users could make contactless payments through iPhones and Apple Watches using Face ID, Touch ID or a passcode. However, UPI support remains uncertain. With UPI dominating everyday payments, Apple Pay may improve card payments for iPhone users without replacing India’s popular QR-based system. --- Apple Pay | Apple | India | UPI | Firstpost [#applepay](https://www.youtube.com/hashtag/applepay)[#apple](https://www.youtube.com/hashtag/apple)[#india](https://www.youtube.com/hashtag/india)[#upi](https://www.youtube.com/hashtag/upi)[#firstpost](https://www.youtube.com/hashtag/firstpost) Firstpost is an Indian news and media website. Get all the incisive opinions, in-depth analyses and other visual stories that matter to you and the world right here on this channel. Subscribe to Firstpost channel and press the bell icon to get notified when we go live. 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