IndiaScience and tech
UPI@10: India's real-time payment platform completes a decade
UPI has completed 10 years since its public launch, with transactions growing from 1.8 crore in FY17 to 24,162 crore in FY26. Nearly one in two real-time payments globally now happen on UPI.
The Unified Payments Interface (UPI) has completed 10 years since it went live for general public use, following a pilot test in April 2016 launched by then RBI governor Raghuram Rajan. According to AP Hota, founding chief of the National Payments Corporation of India (NPCI), the idea for UPI originated from a dilemma over how to increase the use of IMPS (Immediate Payment Service), a real-time payment platform. UPI transactions have grown from 1.8 crore in FY17 to 24,162 crore in FY26 — a 13,000-fold increase. Nearly one in two real-time payments in the world now happen on UPI.
IndiaScience and tech
UPI@10: India's real-time payment platform completes a decade
UPI has completed 10 years since its public launch, with transactions growing from 1.8 crore in FY17 to 24,162 crore in FY26. Nearly one in two real-time payments globally now happen on UPI.
The Unified Payments Interface (UPI) has completed 10 years since it went live for general public use, following a pilot test in April 2016 launched by then RBI governor Raghuram Rajan. According to AP Hota, founding chief of the National Payments Corporation of India (NPCI), the idea for UPI originated from a dilemma over how to increase the use of IMPS (Immediate Payment Service), a real-time payment platform. UPI transactions have grown from 1.8 crore in FY17 to 24,162 crore in FY26 — a 13,000-fold increase. Nearly one in two real-time payments in the world now happen on UPI.