Unified Payments Interface (UPI) is the backbone of India’s digital payment system. It was launched on August 25, 2026. Since then, its transaction volume has increased nearly 13,000-fold, as per reports. (File Photo)
The Finance Ministry stated that after the launch of UPI, transaction volume was only 17.8 million in 2016-17. However, it is projected to increase to more than 162 crores by 2025-26. (File Photo)
UPI has emerged as a global platform for digital payments between countries. It is currently operational in 11 countries namely United Arab Emirates, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece and the Maldives. (File Photo)
The UPI system is implemented by the National Payments Corporation of India (NPCI). It is the primary authority responsible for retail and settlement system in India. UPI allows payments to be made using a UPI ID, mobile numbers and IFSC codes. (File Photo)
Reportedly, UPI was launched as a pilot project on April 11, 2016. In the same month, a total of 373 transactions were processed using UPI. The system was launched publicly for the first time on August 25 of the same year. Within a few days, nearly 90,000 transactions were processed. (File Photo)
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