UPI completes 10 years: PM Modi calls it a major turning point for India’s digital payments

New Delhi: Prime Minister Narendra Modi on Tuesday termed the Unified Payments Interface (UPI) a "major turning point" in the country's digital payments journey, as the interface completed 10 years since its launch.

In an X post, the Prime Minister urged UPI users to share their experience with the interface.

"A decade ago, UPI was rolled out, marking a major turning point in India's digital payments journey. The sheer scale and reach of UPI are something every Indian must be proud of. Tell me about your UPI experience and how it impacted your life," PM Modi posted.


UPI was launched on August 25, 2016, by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI). A pilot-basis launch was held in April 2016 with 21 member banks. It was rolled out to the public in August as participating banks made their UPI-enabled mobile applications available on the Google Play Store.

The BHIM application was launched in December 2016.

According to the Union Finance Ministry, the annual transaction volume expanded from just 1.78 crore transactions in FY 2016-17 to over 24,162 crore transactions in FY 2025-26, representing an almost 13,000-fold surge in transaction volume. Also, transaction value rose sharply from Rs 0.07 lakh crore in FY 2016-17 to about Rs 314 lakh crore in FY 2025-26, translating into a more than 4,000-fold increase in transaction value.

UPI is also accepted in 11 countries, with Greece and the Maldives being the latest to adopt India's real-time payment platform.

UPI is a real-time payment system that powers multiple bank accounts through a single mobile application of any participating bank or payment service provider. The interface integrates multiple banking services, fund transfers and merchant payments on a single platform.

It uses two-factor authentication and end-to-end encryption to enhance transaction security.

Amid the expansion of the UPI, the government amended the Payment and Settlement Systems Act (PSS Act), introducing MDR charges for merchants, with no charges for consumers making payments.