UPI Marks Decade of Operations With Massive Transaction Growth
· Business · Times of India, Moneycontrol
India's Unified Payments Association has completed 10 years since its public launch following a pilot test initiated by then RBI governor Raghuram Rajan in April 2016. Transactions on the platform surged from 1.8 crore in FY17 to 24,162 crore in FY26, with nearly one in two real-time payments globally now occurring on the network. According to AP Hota, founding chief of NPCI, UPI originated from an effort to redesign the Immediate Payment Service to simplify merchant payments, reduce e-commerce failures, and incorporate open-source technology. Technology architects Pramod Verma and Nandan Nilekani subsequently shaped the system into an API-driven, decentralised protocol operating via third-party application providers rather than a centralised database.
Why it matters
The milestone demonstrates how India's public digital infrastructure transformed domestic retail payments and achieved global scale over the past decade.
Read the original report — Times of India
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.