"UPI now part of everyday life" : Finance Ministry as July transactions hit 23 billion

"Every scan tells a story. From students and small businesses to families and entrepreneurs, millions of Indians have embraced UPI as a part of daily life," the ministry said in a post on X.

The ministry said what began as a payment system in 2016 has grown into a nationwide digital payments network, with UPI now used for transactions ranging from payments to local vendors and grocery purchases to splitting bills.

The scale of the platform has expanded sharply over the past decade. Annual transaction volumes rose from 1.78 crore in FY2016-17 to more than 24,162 crore in FY2025-26, while transaction value increased from Rs 7,000 crore to around Rs 314 lakh crore during the same period.

Monthly transactions crossed 2,300 crore for the first time in May 2026, reaching 2,320 crore, before rising to a record 2,366 crore in July. The transaction value stood at Rs 29.88 lakh crore in July.

The banking network supporting UPI has also expanded, with the number of banks live on the platform rising from 44 in FY2016-17 to 703 in FY2025-26. The number stood at 741 as of July 2026.

Merchant payments account for 63 per cent of transaction volume, while 86 per cent of person-to-merchant transactions were below Rs 500 in FY2026, highlighting the platform's role in everyday retail payments.

The Finance Ministry also said UPI has expanded to 11 countries and accounted for nearly 49 per cent of global real-time payment transaction volume in 2025.

"Innovation is when technology becomes invisible in everyday life. A QR code. A phone. A few taps. Payment done," the ministry said, describing the evolution of UPI over the past decade.

The government recently said the next phase of UPI's growth will focus on bringing more users and merchants into the ecosystem, supported by policy measures, technological advancement and greater financial inclusion. (ANI)