Transactions through the Unified Payments Interface (UPI) touched a record value of Rs 230 lakh crore in the current financial year till December, the government informed the Rajya Sabha on Tuesday.
Responding to supplementary questions during Question Hour, Minister of State for Finance Pankaj Chaudhary said UPI transaction values were growing at a fast pace. He noted that the Rs 230 lakh crore recorded so far in 2025-26 compares with a total transaction value of Rs 139 lakh crore in 2022-23.
UPI expands beyond India
The minister also told the House that UPI is now being used outside India, following currency conversion and in compliance with local laws, and is currently operational in eight countries.
In a written reply to Parliament, Finance Minister Nirmala Sitharaman said UPI is live in Bhutan, France, Mauritius, Nepal, Qatar, Singapore, Sri Lanka and the UAE.
She added that the government, the Reserve Bank of India and NPCI International Payments Ltd are taking multiple steps to expand UPI internationally.
Cross-border payments push
According to the written reply, these steps include operationalising UPI linkages with comparable fast payment systems in partner countries to facilitate cross-border person-to-person remittances, as well as establishing travel-based corridors to enable cross-border person-to-merchant payments.
Global recognition for UPI
Sitharaman also cited international recognition for the payments platform. An International Monetary Fund report titled Growing Retail Digital Payments (The Value of Interoperability), dated June 2025, has recognised UPI as the world’s largest retail fast-payment system by transaction volume. Separately, an ACI Worldwide report released in 2024 stated that UPI accounts for around 49% of the global transaction volume in real-time retail payments.