{"id":448,"date":"2026-03-26T03:33:17","date_gmt":"2026-03-25T18:33:17","guid":{"rendered":"https:\/\/india-marketing.jp\/india-company\/upi\/"},"modified":"2026-09-20T03:28:07","modified_gmt":"2026-09-19T18:28:07","slug":"upi","status":"publish","type":"india-company","link":"https:\/\/india-marketing.jp\/en\/india-company\/upi\/","title":{"rendered":"NPCI and UPI | The system moving about 85% of payments in India, and what companies need to know to use it"},"content":{"rendered":"
\nThis article is based on what we could verify As of September 19, 2026<\/strong> This page is based on the disclosures and news reports from each company that we were able to confirm as of that date. Amounts in the text follow the notation commonly used in India, with \u20b91 crore = 10 million rupees, and yen figures are approximations calculated at a little over 1.7 yen to the rupee. Store counts, funding raised, and results at Indian companies change over short periods, so when making a business decision, please check the latest information in primary sources such as each company's own announcements.\n<\/div>\n\n\n

How NPCI and UPI relate<\/h2>\n

This directory covers companies, but UPI itself is not a company. It is operated by the National Payments Corporation of India (NPCI), a non-profit organization established in 2008 by the Reserve Bank of India (RBI) and the Indian Banks' Association. UPI is the real-time instant transfer and payment system that NPCI developed and runs. It enables instant transfers between bank accounts through a smartphone, and since its launch in 2016 it has become the core of India's digital payment infrastructure.<\/p>\n

As of 2025, UPI accounts for about 85% of digital payments in India. The IMF calls it the world's largest real-time payment system, and UPI is said to process roughly half of all digital payment transactions worldwide. Annual transactions exceed 228.3 billion, equivalent to about 3.5 trillion dollars in value.<\/p>\n

Latest UPI figures for 2025<\/h2>\n

Annual transaction results<\/h3>\n

For calendar 2025, UPI transactions numbered about 228.3 billion, worth about 300 trillion rupees (about 3.5 trillion dollars). The daily average was about 626 million. Year on year, the number of transactions rose 29% and the value rose 20%.<\/p>\n

Monthly record high<\/h3>\n

December 2025 set a record high of 21.63 billion transactions in the month, with value reaching about 27.97 trillion rupees. In May of the same year, monthly transaction value passed 25 trillion rupees (about 292.6 billion dollars) for the first time.<\/p>\n

Growth in merchant payments<\/h3>\n

P2M (person to merchant) payments in the first half of 2025 came to about 67 billion transactions, up 37% year on year. As of FY2024-25, about 570 million QR codes were in place at about 65 million merchants. The near-zero cost of adoption for merchants is what has driven that number.<\/p>\n

How UPI works and what characterizes it<\/h2>\n

The basic mechanism<\/h3>\n

UPI assigns each user a unique VPA (Virtual Payment Address, for example username@bankname). Money can be sent instantly without exchanging bank account numbers, and the system runs 24 hours a day, 365 days a year. There is no fee on person-to-person transfers or on small merchant payments.<\/p>\n

Major apps that support UPI<\/h3>\n