UPI Works in 11 Countries but Exchange Control Applicable even for Small Value Transactions

· UPI has become the backbone of India’s digital payment ecosystem, providing fast, secure, interoperable and 24×7 payments through a single platform.

· Launched in 2016, UPI has continuously expanded through innovations such as BHIM, Dynamic QR, UPI 2.0, UPI AutoPay, UPI 123PAY, UPI Lite, Credit Line on UPI and UPI Circle.

· Rapid growth: Annual UPI transactions increased from 2 crore in FY 2016-17 to over 24,162 crore in FY 2025-26, while transaction value rose from ₹0.07 lakh crore to about ₹314 lakh crore.

· July 2026 performance: UPI had 741 live banks, processed 2,365.8 crore transactions, and recorded transaction value of ₹29.87 lakh crore.

· Global leadership: UPI accounted for around 49% of global real-time payment transaction volume in 2024, according to the IMF report cited in the document.

· International expansion: UPI is operational in 11 foreign countries for acceptance and/or cross-border remittances, including Bhutan, Nepal, Singapore, UAE, France, Sri Lanka, Mauritius, Qatar, Cambodia, Greece and Maldives.

· Recent milestones: UPI acceptance was launched in Cambodia, cross-border remittances began between India and Greece, and UPI was connected with the Maldives’ Favara payment system in 2026

[ABS News Service/24.08.2026]

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