'Major turning point': PM Modi marks 10 years of UPI
What's the story
Prime Minister Narendra Modi on Tuesday celebrated the 10th anniversary of the Unified Payments Interface (UPI), calling it a "major turning point" in India's digital payments journey. He urged citizens to share their experiences with the platform, which has revolutionized bank-to-bank payments through mobile devices. Launched on August 25, 2016, by the National Payments Corporation of India (NPCI), UPI was first piloted in April that year with 21 banks before its public rollout in August.
Expansion
UPI's growth in numbers
The UPI platform has witnessed phenomenal growth over the years. According to the Union Finance Ministry, annual transaction volume skyrocketed from 1.78 crore in FY 2016-17 to over 24,162 crore in FY 2025-26, an almost 13,000-fold increase.
Transaction value also surged from ₹0.07 lakh crore to around ₹314 lakh crore during this period.
The interface is now accepted in 11 countries, including Greece and Maldives, making it a global player in real-time payments systems.
Security measures
What is UPI?
UPI powers multiple bank accounts through a single mobile application of any participating bank or payment service provider. It integrates banking services, fund transfers, and merchant payments on one platform.
The interface uses two-factor authentication and end-to-end encryption for secure transactions.
To support its expansion, the government amended the Payment and Settlement Systems Act (PSS Act), introducing MDR charges for merchants while keeping payments free for consumers.