Overview
- The finance ministry’s factsheet released on Tuesday said UPI processed about 24,162 crore transactions in FY2025‑26 and handled roughly ₹314 lakh crore in transaction value.
- Operational activity set new monthly records in 2026, with volumes first topping 2,300 crore in May and reaching 2,366 crore transactions in July valued at about ₹29.88 lakh crore.
- UPI’s network of banks expanded dramatically from 44 at launch to roughly 700 live banks, and the platform now supports acceptance or cross‑border remittances in 11 countries.
- The platform’s growth has been driven by high‑frequency, low‑value retail payments—86% of person‑to‑merchant transactions in FY2026 were below ₹500—which has lowered the average ticket even as aggregate value rose.
- Policymakers and industry are planning new services such as offline payments, embedded credit and expanded merchant offerings while debating merchant discount rates and the platform’s long‑term business model.