Upi

UPI completes 10 years as transaction volume jumps nearly 13,000-fold

Annual UPI transaction volume rose from 1.78 crore in FY17 to over 24,162 crore in FY26, while transaction value climbed to around ₹314 lakh crore

UPI completes 10 years, clocks nearly 13k fold rise in transaction volume

The Unified Payments Interface (UPI), which was launched on August 25, 2016, has completed a decade of transforming India's digital payments landscape, emerging as the backbone of the country's digital payments ecosystem and a global benchmark for real-time payments. Annual UPI transaction volume rose from 1.78 crore in 2016-17 to more than 24,162 crore in 2025-26, an almost 13,000-fold increase, the finance ministry said in a statement. During the same period, transaction value jumped from Rs 0.07 lakh crore to around Rs 314 lakh crore, representing a more than 4,000-fold rise, it said. Developed by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), UPI has recorded an unprecedented expansion in both transaction volume and value over the past 10 years, it said. The year 2026 marked a significant milestone in the growth trajectory of UPI, it said, adding that monthly transaction volumes crossed 2,300 crore for the fi

Debit card rule may act as template to shield UPI users from MDR fee

A 2017 RBI rule barring merchants from passing debit card MDR to customers could guide safeguards against similar charges on UPI payments

Why India's Unified Payments Interface needs reform, and not US pressure

The lesson for New Delhi: Keep peer-to-peer and mom-and-pop transactions free, but let large commercial platforms pay, say, 0.5 per cent

Best of BS Opinion: Digital transactions haven't dented demand for cash

Today's opinion pieces examine India's persistent demand for cash, aviation safety, the coming leadership change at Tata Sons, the impact of US-China trade and life inside Tihar

MDR on UPI payments: Six rules govt must settle before charges can start

The Bill opens the door to selective UPI MDR, but leaves the operating details undecided. Here are six questions the final framework will need to answer before any charge takes effect

UPI vs cards: Why merchants pay MDR on cards but not on UPI payments

UPI payments are free for merchants, while card transactions carry MDR. Here's why the two digital payment systems have different costs and how a possible UPI charge could work

Free for users, costly to run: The economics behind India's UPI system

UPI remains free for consumers and merchants, but the cost of running India's digital payment infrastructure has revived the debate over MDR, subsidies and platform fees

Small merchants built UPI's reach. Here's what government data shows

Small merchants have driven UPI's mass adoption. Here's why defining who qualifies as a small merchant matters as the government creates a framework for potential MDR

UPI MDR debate: Why ₹2,000 is in focus and what it means for users

The government has not notified ₹2,000 as an MDR threshold, but the existing incentive framework and transaction data explain why the number dominates the debate

WhatsApp Pay's UPI volumes doubled to 168 million in July, shows data

Moved ahead of players such as Cred, Amazon Pay

Street signs: To friends at a discount, NSE rolls out shorter SLB contracts

Promoter share transfers, shorter SLB contracts and mandatory @valid UPI IDs are among the latest changes drawing attention in India's capital markets

Best of BS Opinion: The case for keeping UPI free outweighs its infra costs

Today's columns examine the case for keeping UPI free, Punjab's shifting political landscape, General A S Vaidya's forgotten legacy and the rise of founders as brand ambassadors.

The case for keeping UPI free outweighs the costs of its infrastructure

It is worth seeing the argument from a perspective that does not limit itself to asking how UPI infrastructure costs ought to be funded

UPI has been free for 10 years: Why is India debating charges now? Digital payment

India’s UPI network has grown from just 373 transactions in its first month to more than 23 billion transactions in a single month. But as the system scales, a bigger question is emerging.

Payments firms mop up $5.8 billion via equity fundraise since 2021

Cred and PhonePe raised $1 billion each during the five-year period, while Pine Labs, Razorpay and BharatPe were among the other major recipients of equity funding

Kiwi broadens UPI credit play with Yes Bank partnership, Postpaid launch

The fintech expects at least 5 million users to get onboarded on the platform to access products like credit line on UPI or credit cards on UPI over the next five years, said Sumeet Basrani

Is free UPI viable? Pricing vital for digital public infra's future

The debate over UPI pricing is shifting as zero-MDR strains the ecosystem, raising questions over who should bear costs and whether a calibrated MDR can sustain digital public infrastructure

Govt weighing two models to offset UPI costs: FinMin tells Parl panel

Restoring MDR for high-threshold transactions/merchants; or a tiered incentive structure

Is UPI ending free payments? Here's what Finance Minister Sitharaman said

UPI users won't pay a transaction fee for now, but a proposed MDR framework could change how some merchant payments work.