The Unified Payments Interface has completed ten years of changing how people pay, transfer money, and manage everyday transactions. UPI has grown from a domestic payment platform into an important part of India’s digital public infrastructure. Launched on August 25, 2016, by the National Payments Corporation of India under Reserve Bank of India oversight, the system has expanded at a remarkable pace.
What started with a relatively small group of banks now handles billions of transactions every month. The latest figures show just how dramatic that growth has been, with annual transaction volume rising from 1.78 crore in FY2016-17 to more than 24,162 crore in FY2025-26. The payment network is also no longer limited to Indian borders, because it is now operational across 11 foreign countries through different forms of merchant payments and cross-border remittances.
From Small Beginning To Giant Network
UPI did not become a major payment system overnight, even though its later growth makes it look that way. At launch, only 21 banks were part of the ecosystem, while the first month recorded around 90,000 transactions. Ten years later, 741 banks were live on the network as of July 2026, showing how deeply the platform has entered India’s banking ecosystem.
The numbers become even more striking when transaction value is considered. Annual transaction value increased from ₹0.07 lakh crore in FY2016-17 to around ₹314 lakh crore in FY2025-26. That represents an almost 4,000-fold rise in transaction value over the decade, while transaction volume increased nearly 13,000 times during the same period.
July 2026 also produced another record for the payment system. UPI processed about 2,365.8 crore transactions during that month, while the transaction value reached nearly ₹29.87 lakh crore. The figures show that digital payments are no longer restricted to occasional online purchases, because they are now used for everything from small personal transfers to regular merchant payments.
UPI Moves Beyond Indian Borders
The biggest change during the second half of the decade has been international expansion. UPI is now operational in 11 foreign countries, although the exact service available differs from one market to another. Some countries support international merchant payments, while others have introduced cross-border remittance connectivity with India.
The current list includes the United Arab Emirates, France, Bhutan, Sri Lanka, Nepal, Singapore, Mauritius, Qatar, Cambodia, Greece, and the Maldives. This makes the network considerably broader than its earlier international footprint, which was concentrated around a smaller group of countries.
For Indian travellers, international UPI acceptance can be especially useful because compatible users can scan supported QR codes and pay directly through participating UPI applications. NPCI says UPI Global Acceptance enables QR-code payments at selected international merchant locations using an Indian bank account. Exchange rates and applicable bank charges can still matter, so users need to check the final amount before confirming payments.
UAE Becomes An Important Market
The United Arab Emirates is among the countries where UPI has gained international acceptance. This is particularly relevant because of the large Indian community, strong tourism links, and significant financial connections between India and the UAE.
For eligible users, supported UPI applications can make payments at participating merchant locations without requiring the person to carry large amounts of local currency. The transaction still depends on participating banks, payment providers, and merchants, so international UPI should not be treated as universally available throughout the country.
Singapore And Nearby Markets
Singapore has also been part of UPI’s international journey, giving Indian users another destination where supported digital payment options can be useful. The country’s strong technology infrastructure and close economic relationship with India make it an important market for digital payment connectivity.
Nepal and Bhutan are also significant because of their geographical proximity and regular movement of Indian visitors. Sri Lanka and Mauritius have expanded the regional footprint further, while Qatar adds another important destination with strong India-related travel and economic connections. The international model, however, varies between countries depending on local payment infrastructure and regulatory arrangements.
France Adds A European Link
France represents a different stage in the international expansion story because it brings UPI acceptance into a major European market. This matters for Indian tourists and businesses looking for familiar payment options while travelling abroad.
International acceptance does not mean every shop or business in France automatically accepts UPI. Instead, users need to look for supported merchant locations and compatible QR payment arrangements. NPCI’s global acceptance system works through participating networks and merchants, making availability dependent on local partnerships and infrastructure.
Cambodia And Newer Expansion
Cambodia became part of the latest expansion phase during June 2026. NPCI International Payments Limited partnered with ACLEDA Bank to launch UPI acceptance, strengthening payment connectivity between India and Cambodia.
This development is important because it shows that UPI’s overseas strategy is still expanding rather than simply maintaining its original international markets. New partnerships can allow Indian users to access familiar payment methods while giving local merchants another way to receive payments from Indian visitors.
Greece Brings Remittances
Greece joined the newer group of international markets through cross-border remittance connectivity rather than simply following the merchant-payment model. In June 2026, UPI went live for Greece-India cross-border remittances through Eurobank, allowing eligible customers to transfer money between the two countries using the connected payment infrastructure.
This is a different use case from scanning a QR code at a restaurant or retail store. Cross-border remittances focus on moving money between individuals or accounts, which can become increasingly important for people with family, employment, education, or business connections across countries.
Maldives Joins The Network
The Maldives became the latest addition in July 2026, when cross-border remittances between India’s UPI and the Maldives Instant Payment System, Favara, went live. The connection became operational on July 30, creating another direct digital payment link between India and a foreign payment system.
The Maldives is also a popular destination for Indian travellers, so broader payment connectivity could eventually make transactions easier for eligible visitors and businesses. The exact availability still depends on participating institutions and supported services, meaning travellers should check their UPI application’s international payment options before relying on the service.
Why UPI Growth Matters Globally
The international expansion becomes more significant when India’s domestic transaction scale is considered. According to the government, UPI accounted for nearly 49% of global real-time payment transaction volume in 2025, a milestone highlighted through research associated with the International Monetary Fund.
That does not simply mean India has a popular payment application. UPI represents an interoperable infrastructure where multiple banks and payment applications can operate across a common system. Users can connect different bank accounts through participating applications, while merchants can receive payments through supported payment interfaces.
This open and interoperable approach is one reason the system has been watched closely outside India. Countries developing their own digital payment infrastructure can examine the technology, regulatory framework, and operational experience behind India’s model.
What Users Should Know Abroad
International UPI payments can be convenient, but travellers should understand a few practical limitations before using them. First, not every merchant in a participating country necessarily accepts UPI, because acceptance depends on local partnerships and compatible payment networks.
Second, foreign-currency conversion can affect the final amount paid from an Indian bank account. Google Pay’s UPI International guidance, for example, notes that banks and the UPI group determine applicable conversion costs, while banks may charge fees for converting currencies.
Users should therefore activate international payments when required, confirm the merchant’s supported QR code, check the currency conversion details, and review any applicable charges before entering the UPI PIN. These simple checks can prevent confusion during international transactions.
The Next Ten Years Look Different
The first decade of UPI was mainly about changing India’s domestic payment habits. The next decade could be more focused on international interoperability, cross-border remittances, wider merchant acceptance, and new digital financial services.
The government has already indicated that the next phase will focus on bringing more users and merchants into the ecosystem while continuing technological development and financial inclusion. With 741 banks live on UPI by July 2026 and more international partnerships being added, the platform has already moved far beyond its original launch scale.
The important point is that UPI’s story is not simply about faster payments. It is about building a payment infrastructure that can connect banks, applications, merchants, consumers, and eventually different countries through interoperable systems. That makes the international expansion worth watching closely.
Conclusion
UPI’s first ten years have turned a relatively new Indian payment platform into one of the world’s most significant real-time payment systems. Its journey from 21 launch banks and 90,000 first-month transactions to 741 live banks and thousands of crore transactions each month shows the scale of India’s digital payment transformation. The addition of the UAE, France, Singapore, Bhutan, Nepal, Sri Lanka, Mauritius, Qatar, Cambodia, Greece, and Maldives also signals a wider international ambition. As cross-border payment links continue developing, UPI could play an even larger role in global digital finance during its next decade. For more updates on UPI, fintech, and India’s digital economy, keep following the latest developments.
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