UPI ecosystem – present perfect

Unified Payments Interface - popularly known as UPI - has taken unique space in the payment ecosystem of the country.

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It is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. Launched in 2016, it is now ubiquitous and has emerged as the most popular retail payment system. Ranging from small market places, to malls, airports, railway stations, citizens are adept to do the retail payment through UPI, with utmost ease and confidence. As on date, there are 37 UPI apps available for citizens.

According to a latest IMF report, UPI is the largest real-time payment system in the world by volume. In August 2025, it scaled new heights with more than 20 billion transactions aggregating ₹24.85 lakh crore, which is a stellar achievement within a short span. Payment system in India is regulated by RBI under the Payments and Settlement System Act, 2007. After demonetization of November 2016, one of the immediate objectives of UPI was to replace cash for low-value, high volume transactions. The objective is eminently achieved.