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UPI’s first-decade growth was enormous: a 2026 Government of India feature compares about 2 crore transactions worth about ₹7,000 crore in FY2016–17 with 24,161.69 crore transactions worth ₹314.23 lakh crore in FY2025–26. The feature describes that change as nearly 12,000-fold in transaction volume and more than 4,000 times in transaction value. Those are approximate comparisons between two fiscal-year endpoints, not annual growth rates.
How much did UPI grow in its first decade?
According to New India Samachar’s 16–30 September 2026 feature, UPI rose from about 2 crore transactions in FY2016–17 to 24,161.69 crore in FY2025–26. The same feature puts transaction value at about ₹7,000 crore in the first year and ₹314.23 lakh crore in the last. It attributes the figures to Ministry of Finance data presented in the Lok Sabha in June 2026.
In the feature’s comparison, transaction count increased nearly 12,000-fold and transaction value increased more than 4,000 times. The two measures are different: count records how many transactions occurred, while value is the rupee amount transacted. The multipliers compare the stated endpoint fiscal years; they do not mean UPI grew by that factor every year.
What does the year-by-year series show?
The New India Samachar feature provides the following later-year figures, also attributed to Ministry of Finance data presented in the Lok Sabha in June 2026. One crore is 10 million; one lakh crore rupees is ₹1 trillion.
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| Fiscal year | Transactions | Transaction value |
|---|---|---|
| FY2021–22 | 4,595.61 crore | ₹84.16 lakh crore |
| FY2022–23 | 8,371.44 crore | ₹139.15 lakh crore |
| FY2023–24 | 13,112.95 crore | ₹199.95 lakh crore |
| FY2024–25 | 18,586.60 crore | ₹260.56 lakh crore |
| FY2025–26 | 24,161.69 crore | ₹314.23 lakh crore |
The series shows both count and value rising across the listed years. It does not, by itself, identify what caused the increase.
Why do published FY2025–26 totals differ?
There is a material difference between two reported FY2025–26 endpoints. New India Samachar’s feature gives 24,161.69 crore transactions worth ₹314.23 lakh crore, citing Ministry of Finance data presented in the Lok Sabha. An IANS anniversary report dated April 10, 2026, citing analytics firm Tracxn, reports 218.98 billion transactions worth nearly ₹285 lakh crore.
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| Report and attributed series | FY2025–26 transaction count | FY2025–26 value |
|---|---|---|
| New India Samachar feature; Ministry of Finance data presented in the Lok Sabha in June 2026 | 24,161.69 crore | ₹314.23 lakh crore |
| IANS report, April 10, 2026; Tracxn-attributed figures | 218.98 billion | Nearly ₹285 lakh crore |
These should be treated as separate reported series, not merged into a single total. The available figures do not explain the discrepancy, so a reader should retain the attribution when quoting either endpoint.
What does earlier RBI reporting confirm?
The Reserve Bank of India’s 2024 review reports 539 crore UPI transactions worth ₹8.8 lakh crore in FY2018–19, compared with 13,113 crore transactions worth ₹200 lakh crore in FY2023–24. Those values broadly align with the later years in the New India Samachar series, subject to the different precision used in reporting. RBI’s FY2023–24 Annual Report also records more than 13 billion UPI transactions in March 2024. This earlier RBI reporting supports the picture of substantial growth through FY2023–24; it does not settle the disputed FY2025–26 endpoint.
How did UPI’s capabilities expand?
RBI describes UPI as an open-loop payment system operated by the National Payments Corporation of India (NPCI). Its review notes that the system’s use cases have expanded beyond QR-based payments.
- Offline and feature-phone use: UPI Lite X supports offline NFC payments, while UPI 123Pay enables payments on feature phones.
- Conversational payments: RBI reports the introduction of conversational payment capabilities.
- Cross-border connectivity: RBI’s FY2023–24 Annual Report notes UPI connectivity with Mauritius and Sri Lanka.
These are developments in the system’s capabilities, not evidence that any one feature caused the decade’s increase in transactions or value.
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