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UPI

FPS

Unified Payments Interface - India's dominant instant payment system, operated by NPCI (National Payments Corporation of India). VPA (Virtual Payment Address) based. Supports P2P, P2M, bill payments, and IPO subscriptions. NPCI reports live UPI payment services across 11 foreign countries as of 2026. A 0.4% merchant discount rate applies to person-to-merchant transactions above INR 2,000 from 15 October 2026.

NowHours: computing from the published schedule…Service condition: not monitored details

ClearingPost does not assess whether UPI is running normally.

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Dated items ClearingPost holds, each with its source and whether the date is confirmed

No supported upcoming items in ClearingPost's records for UPI.

ClearingPost holds sourced upcoming items for 16 of 150 systems; an empty list is a statement about ClearingPost's records, not about a system's plans.

Changed

All recorded changes →

Material, sourced changes ClearingPost recorded; corrections to its own record are labelled as such

  • Data updateUPI headline volume increased to 24.51B monthly TX (August 2026), 241.6B total (FY2025-26)
    23.20B monthly TX (May 2026 record), 241.6B total (FY2025-26) changed to 24.51B monthly TX (August 2026), 241.6B total (FY2025-26)
    recorded 17 Sep 2026 · Merchant Discount Rate (MDR) on Select UPI (P2M) Transactions - Frequently Asked Questionssource ↗
  • Data updateUPI participant count increased to 731 banks (June 2026)
    703 banks (FY 2025-26) changed to 731 banks (June 2026)
    recorded 28 Jul 2026 · UPI Bank Base Hits 731; Transaction Count Jumps 23.5% YoYsource ↗
  • ChangedUPI One World + P2M limits + Apr 2026 rules

    Added UPI One World wallet details (40+ countries, CheqUPI app, tourist feature planned for 2026-27 winter), revised P2M limits (₹5L/TX, ₹10L/day for key sectors), Apr 1 2026 inactive number unlinking mandate, NPCI International targeting 4-6 more countries…

    recorded 16 Mar 2026source ↗

Sources ClearingPost reads NPCI · Authoritative (T1) · 17 of 20 fields carry a source and a recorded date · latest sourced entry recorded 29 Sep 2026 · evidence details ↓

Record · UPI

Country
India (IN)
Currency
Indian Rupee (INR)
Operator
NPCI
Type
FPS
Operating Window
24/7/365
Year Established
2016
Tier?
Tier 1
ISO 20022?
Legacy
Region
Asia-Pacific
Settlement Type?
Net
Participants
731 banks (June 2026)
Avg Daily Transactions
~791M/day (August 2026)
Avg Daily Value
~₹96,205 crore/day (~$11.5B) (August 2026)
Availability
24/7/365
Notes

NPCI has set merchant pricing for UPI with effect from 15 October 2026. The charge falls on merchants and their acquiring banks rather than on consumers, because merchants cannot pass it on and UPI apps are barred from adding a platform fee. Concessional flat and near-zero tiers keep essential services and capital market collections outside the headline rate. Growth in August 2026 was volume-led rather than value-led, with the average ticket size continuing to fall as low-value merchant payments take a larger share of the mix. NPCI monthly figures are provisional and are commonly revised in the following release. The masking obligation for mobile numbers, UPI IDs and account numbers on customer-facing interfaces is in force and binds all member banks and UPI apps.

NPCI official website →
Reference Sources
NPCI
Authoritative (T1)Entry recorded Mar 11, 2026
Status →
See all FPS systems →See all systems in India →ISO 20022 migration status →Payment rails by country →
Other systems in the same country or region
BOJ-NETRTGS
Japan · JPY · Bank of Japan
ZenginACH
Japan · JPY · Zengin-Net (JBA)
HVPS (CNAPS)RTGS
China · CNY · CNCC (China National Clearing Center) / PBoC
CIPSHybrid
China · CNY · CIPS Co.
BEPS (CNAPS)ACH
China · CNY · CNCC (China National Clearing Center) / PBoC
IBPSFPS
China · CNY · CNCC (China National Clearing Center) / PBoC

Operations · UPI

Operational monitoring: not configured. ClearingPost does not monitor operational sources for this system and does not assess its current service condition.

Operations lists the systems ClearingPost monitors and the operational events it has recorded.

Intelligence for UPI (60)

Coverage whose headline or summary names UPI, or names its operator or country together with its system type. Each item quotes that evidence and says whether the source is the UPI operator or external.

RegulationSep 16, 2026Headline names “UPI”
NPCI Sets 0.4 Percent UPI Merchant Fee Above Rs 2,000 From October 15
India's zero-MDR era for UPI merchant acceptance ends on October 15, 2026. The charge applies only to person-to-merchant payments above Rs 2,000. Merchants cannot pass the charge to customers. UPI apps are barred from levying a platform fee.
Operator source · NPCI
NewsSep 12, 2026Headline names “UPI”
NPCI Launches MyUPI to Give Users a Single View of UPI Transactions and AutoPay Mandates
RBI Governor Sanjay Malhotra announced the platform at Global Fintech Fest 2026 in Mumbai on September 10, 2026.
External source · Press Information Bureau
NewsSep 11, 2026Headline names “UPI”
RBI Governor Launches UPI Tap & Pay for NFC Point-of-Sale Terminals
Tap & Pay transactions can run over the POS terminal's internet connection instead of the user's mobile data.
External source · IndianWeb2
NewsSep 10, 2026Headline names “UPI”
India Extends Credit Line on UPI to Kisan Credit Card and MUDRA Borrowers
Priority-sector borrowers in India can now spend from sanctioned Kisan Credit Card and MUDRA limits at merchants over UPI rails rather than drawing cash or seeking a fresh disbursal.
External source · Inc42
RegulationSep 8, 2026Headline names “UPI”
UPI Apps Must Mask Customer Mobile Numbers Under NPCI September 4 Deadline
Indian payment applications reached a September 4, 2026 compliance date for hiding customer mobile numbers inside UPI payment screens. NPCI also directed applications to offer identifiers that are not derived from a phone number when users create new UPI IDs.
External source · Business Today
RegulationSep 3, 2026Headline names “UPI”
India's UPI MDR Enabling Amendment Becomes Law After Presidential Assent on August 17
The Taxation and Other Laws (Amendment) Act, 2026 replaces the statutory zero-charge guarantee for prescribed electronic payment modes with a notification power held by the central government. Finance Minister Nirmala Sitharaman told Parliament the change is only an enabling provision that imposes no tax or transaction charge on UPI users.
External source · Akashvani (newsonair.gov.in)
NewsSep 2, 2026Headline names “UPI”
UPI Processes Record 24.51 Billion Transactions in August 2026
August's UPI volume was worth ₹29.82 lakh crore, 20 per cent more than in the same month of 2025.
Operator source · NPCI UPI Product Statistics
NewsSep 2, 2026Headline names “UPI”
NPCI International Signs UPI Acceptance Agreement With Uzbekistan's HUMO Operator
Indian visitors will be able to scan Uzbekistan's unified national QR code from their existing UPI apps once the rollout begins, after regulators in both countries cleared the arrangement.
External source · Electronic Payments International
NewsAug 25, 2026Headline names “UPI”
UPI Turns Ten with 49% of Global Real-Time Payment Volume
India's leading digital payment platform reached its tenth year this week. The system now handles nearly half of all instant transactions processed globally.
External source · PIB (Government of India)
NewsAug 18, 2026Headline names “UPI”
NPCI Targets 15-20 Markets for UPI Expansion via Indian Diaspora Strategy
India's national payments operator laid out a decade-long roadmap to expand UPI merchant acceptance from nine to as many as 20 international markets. The expansion anchors on the spending and remittance patterns of 35 million overseas Indians who collectively send $155 billion home annually.
External source · Business Standard
Showing 10 of 60 · View all intelligence →

Wider coverage that mentions UPI (13)

These articles mention UPI in their text but not in their headline or summary, so they are listed as context rather than as UPI intelligence.

NewsJul 8, 2026Text mentions “UPI”
SWIFT Consumer Payments Scheme Goes Live at Four UK Banks
Barclays, HSBC, Lloyds, and NatWest went live on SWIFT's cross-border consumer payment framework on July 1, the first UK banks to adopt the new retail transfer scheme.
External source · SWIFT
RegulationJun 25, 2026Text mentions “UPI”
RBI Consolidates Payment System Authorisation Rules Under New Master Directions
The framework introduces perpetual validity for PSO authorisations. Operators meeting regulatory requirements and free of supervisory concerns will receive perpetually valid licences.
External source · Reserve Bank of India
NewsJun 18, 2026Text mentions “UPI”
NPCI Open-Sources Drunix Distributed Ledger Platform for Enterprise Payment Infrastructure
India's National Payments Corporation released Drunix on June 17, an open-source high-performance distributed ledger built on Hyperledger Fabric, marking its second blockchain framework after Falcon and extending NPCI's role beyond payment switching into foundational infrastructure provision.
External source · Business Standard
AnalysisJun 10, 2026Text mentions “UPI”
NEFT Crosses 10 Billion Annual Transactions in CY2025 as Average Ticket Size Falls 34 Percent
Reserve Bank of India data shows NEFT processed 1,000 crore transactions worth Rs 482 lakh crore in CY2025, a 27.4 percent volume CAGR from CY2021. Average transaction size declined from Rs 72,895 to Rs 48,200 over the period, indicating expansion into automated batch payment use cases rather than migration toward higher-value transfers.
External source · Manorama Yearbook
AnalysisMay 29, 2026Text mentions “UPI”
NEFT Triples to One Billion Annual Transactions Over Four Years
April 2026 data from RBI's bankwise volumes showed 833 million NEFT transactions totaling Rs 44.24 lakh crore. This represented a seasonal decline from the March 2026 fiscal year-end peak of 939 million transactions and Rs 56.62 lakh crore.
External source · Business Standard
NewsMay 20, 2026Text mentions “UPI”
RTGS Accounts for 68.6 Percent of India's Payment Value in H2 2025
The RBI's H2CY25 Payment Systems Report shows India's retail-wholesale payment split widening, with total digital transaction volumes growing at a 42.9 percent compound rate to 268 billion annual transactions as debit card usage declined 67 percent since 2021.
External source · Business Standard
RegulationApr 11, 2026Text mentions “UPI”
RBI Proposes One-Hour Cooling-Off Period for Digital Payments Above ₹10,000
The RBI frames the proposal around authorised push payment fraud, where victims are socially engineered into initiating transfers themselves. Transactions above ₹10,000 account for 98.5 percent of total reported fraud value.
External source · Reserve Bank of India (via Business Today)
RegulationMar 28, 2026Text mentions “UPI”
RBI Publishes Payments Vision 2028 with Fifteen Reform Initiatives
RBI's Payments Vision 2028 proposes fifteen initiatives through December 2028, including the Payments Switching Service for bank migration, switch-on/off controls for all digital payments, shared liability for unauthorized transactions, electronic cheques, and a Cyber KRI framework for non-bank payment system operators.
External source · DD News / All India Radio
RegulationMar 26, 2026Text mentions “UPI”
RBI Two-Factor Authentication Mandate Takes Effect April 1, Reshaping Digital Payment Security Across India
The framework introduces risk-based verification across all domestic digital payment channels and expands approved authentication factors beyond SMS OTPs to include biometrics, device binding, and cryptographic keys. Compliance is required for domestic transactions by April 1 and for cross-border card-not-present transactions by October 1, 2026.
External source · Business Standard
RegulationMar 20, 2026Text mentions “UPI”
RBI Proposes Digital Fraud Compensation Framework with Rs 25,000 Cap
The draft, released in early March 2026 with comments invited until April 6, 2026, targets the growing volume of digital payment scams involving amounts under Rs 50,000. In a notable departure from existing rules, the RBI has indicated that first-time victims may receive compensation even in cases where one-time passwords
External source · Banking Finance - RBI News March 2026
Showing 10 of 13.
Not listed here: 3 tagged articles that do not mention UPI. All coverage is in Insights.