Executive Summary:
This document contains the Finance Ministry's response to questions regarding UPI transactions, including cross-border usage, merchant registration, transaction volumes, and cybersecurity. It acknowledges UPI's growth and international recognition, details its availability in 7 countries, reports merchant registrations, provides cross-border transaction data, and addresses cybersecurity concerns. The data includes transaction volumes and values for the last five fiscal years until July 2025.
Key Points / Main Content:
* **UPI Growth and Recognition:**
* UPI has experienced exponential growth in transaction volume and value since its launch in 2016.
* In FY 2024-25, UPI recorded 18,587 crore transactions with a value of ₹261 lakh crore.
* UPI reached 1,947 crore transactions in July 2025.
* The IMF recognized UPI as the world's largest retail fast payment system by transaction volume in June 2025.
* **Cross-Border UPI Payments:**
* The Government, RBI, and NPCI are working to link UPI with other countries' FPSs.
* UPI is currently live in the UAE, Nepal, Bhutan, Singapore, Mauritius, France, and Sri Lanka.
* **Merchant Registration:**
* Approximately 6.5 crore merchants, including new and small businesses, have registered on the UPI platform.
* **Cross-Border Transaction Details:**
* FY 2021-22: 180 Lakh transactions, ₹0.03 crore value.
* FY 2022-23: 144 Lakh transactions, ₹0.04 crore value.
* FY 2023-24: 37,060 Lakh transactions, ₹1,970.00 crore value.
* FY 2024-25: 7,55,445 Lakh transactions, ₹25,853.00 crore value.
* FY 2025-26 (until July 2025): 6,01,002 Lakh transactions, ₹16,929.00 crore value.
* **Cybersecurity:**
* Increased digitization has led to higher exposure to cyber threats, including phishing and malware.
* Only social engineering-related threats have been observed for UPI.
* The Government, RBI, and NPCI are conducting user awareness activities to prevent cybercrime.
* **Transaction Volume and Value (FY 2020-21 to FY 2024-25):**
* Details are provided on month-wise UPI transaction volumes and values for the last five financial years. (Refer to Annexure II in original document for details)
Impact Analysis:
* **Customers:**
* Impact: Increased convenience and options for digital payments, both domestically and internationally. Higher awareness of potential social engineering-related cyber threats.
* Action Required: Be vigilant against social engineering scams and follow cybersecurity best practices.
* **Merchants:**
* Impact: Access to a widely used digital payment platform, facilitating transactions and business growth.
* Action Required: Ensure secure handling of UPI transactions and stay informed about cybersecurity measures.
* **Government, RBI, and NPCI:**
* Impact: Continued monitoring and enhancement of the UPI system's security and international integration.
* Action Required: Continue user awareness programs and work on linking UPI with FPSs of other countries to facilitate cross-border payments.
* **Financial Institutions:**
* Impact: Increased volume of UPI transactions and need for robust cybersecurity measures.
* Action Required: Implement and update security protocols to protect against cyber threats and ensure smooth UPI transactions.
Key Entities Referenced
Unified Payments Interface UPI: A real-time payment system in India that has grown significantly since its launch in 2016, facilitating both domestic and cross-border transactions.
Reserve Bank of India RBI: The central bank of India, which works with the government and NPCI to promote and regulate digital payments, including UPI.
National Payments Corporation of India NPCI: An organization that plays a key role in developing and managing UPI, as well as linking it with other countries' payment systems.
International Monetary Fund IMF: An international organization whose report recognized UPI as the world's largest retail fast payment system by transaction volume.
Chhattisgarh: A state in India, included in the data request regarding UPI transactions over the last five years.
UAE: One of the countries where UPI payments are currently accepted.
Nepal: One of the countries where UPI payments are currently accepted.
Singapore: One of the countries where UPI payments are currently accepted.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
LOK SABHA
UNSTARRED QUESTION NO. 3493
ANSWERED ON MONDAY, AUGUST 11, 2025/ SRAVANA 20, 1947 (SAKA)
DATA ON CROSS-BORDER UPI TRANSACTION
†3493. SHRI ALOK SHARMA: SHRI VISHWESHWAR HEGDE KAGERI:
SHRI LUMBARAM CHOUDHARY: SHRI YOGENDER CHANDOLIA:
DR. BHOLA SINGH: SMT. MAHIMA KUMARI MEWAR:
SHRI DINESHBHAI MAKWANA: SHRI DILIP SAIKIA:
SHRI BIDYUT BARAN MAHATO: SMT. KAMLESH JANGDE:
DR. K SUDHAKAR: SMT. KAMALJEET SEHRAWAT
SHRI TEJASVI SURYA: SHRI RAO RAJENDRA SINGH:
Will the Minister of FINANCE be pleased to state:
(a) whether it is true that the Unified Payments Interface (UPI) has overtaken other payment systems
in world's real-time payment systems and if so, the details thereof;
(b) the list of countries where UPI payments are accepted and/or considering UPI as a payment option;
(c) the number of new merchants or small businesses registered on the UPI platform as part of
Government initiatives to support/promote digital payments;
(d) whether the Government has any data on the increase in cross-border UPI transactions since its
inception;
(e) the number of monthly transactions and the quantum recorded during the last five years in the
country including Chhattisgarh; and
(f) whether a relatively higher amounts of phishing and malware infiltration cases have been observed
among those who regularly carry out UPI transactions and if so, the details thereof?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
(a) & (b) Since its launch in 2016, Unified Payments Interface (UPI) has grown exponentially both in terms
of transaction volume and value. In FY 2024 – 25, UPI has recorded a transactions volume of 18,587 crore
and a transaction value of 261 lakh crore. Further, UPI has reached another milestone by recording 1,947
crore (i.e 19.47 billion) transactions in July 2025.
The International Monetary Fund (IMF) report on ‘Growing Retail Digital Payments (The Value of
Interoperability)’ dated June 2025 had recognized UPI as the world’s largest retail fast-payment system
(FPS) by transaction volume.
The Government, Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) have
been working towards linking UPI with the FPSs of other countries to facilitate cross-border payments.
Presently, UPI is live in 7 countries i.e. UAE, Nepal, Bhutan, Singapore, Mauritius, France and Sri Lanka.(c) NPCI has informed that approximately 6.5 crore merchants including new merchant or small businesses
have been registered on the UPI platform.
(d) The details of cross-border UPI transactions is attached as Annexure-I.
(e) The details of monthly transactions and the quantum recorded during the last five financial years is
attached as Annexure-II.
(f) With increasing digitization and penetration of digital transactions, the exposure of cyber threats
including phishing and malware infiltration to the bank and customer has increased. However, only social
engineering related threats have been observed for UPI. The Government, RBI and NPCI have been
undertaking various user awareness activities including sending short SMS, radio campaigns and publicity
on prevention of cybercrime.
******Annexure-I
Details of UPI Cross-Border transactions
Value
Financial Year Volu me
(in Lakhs)
FY 2021-22 180 0.03
FY 2022-23 144 0.04
FY 2023-24 37,060 1,970.00
FY 2024-25 7,55,445 25,853.00
FY 2025-26
6,01,002 16,929.00
(till July 2025)Annexure- II
Month-wise UPI transactions during FY 2020-21 to FY 2024-25
Month Volume (in Cr) Value (in Cr.)
Jun-2025 1,839.50 2,403,930.69
May-2025 1,867.74 2,514,297.01
Apr-2025 1,789.34 2,394,925.87
Mar-2025 1,830.15 2,477,221.61
Feb-2025 1,610.61 2,196,481.69
Jan-2025 1,699.60 2,348,037.12
Dec-2024 1,673.00 2,324,699.91
Nov-2024 1,548.20 2,155,187.41
Oct-2024 1,658.49 2,349,821.46
Sep-2024 1,504.17 2,063,994.71
Aug-2024 1,496.30 2,060,735.57
Jul-2024 1,443.55 2,064,292.41
Jun-2024 1,388.51 2,007,081.20
May-2024 1,403.58 2,044,937.05
Apr-2024 1,330.39 1,964,464.52
Mar-2024 1,344.00 1,978,353.23
Feb-2024 1,210.26 1,827,869.35
Jan-2024 1,220.30 1,841,083.97
Dec-2023 1,202.02 1,822,949.42
Nov-2023 1,123.52 1,739,740.61
Oct-2023 1,140.87 1,715,768.34
Sep-2023 1,055.56 1,579,133.18
Aug-2023 1,058.60 1,576,536.56
Jul-2023 996.46 1,533,536.44
Jun-2023 933.50 1,475,464.26
May-2023 941.51 1,489,145.44
Apr-2023 886.32 1,415,504.71
Mar-2023 868.53 1,410,443.01
Feb-2023 753.47 1,235,846.62
Jan-2023 803.68 1,298,726.62
Dec-2022 782.94 1,282,055.01
Nov-2022 730.94 1,190,593.39
Oct-2022 730.54 1,211,582.51
Sep-2022 678.08 1,116,438.10
Aug-2022 657.96 1,072,792.68
Jul-2022 628.84 1,062,991.76
Jun-2022 586.27 1,014,384.31
May-2022 595.52 1,041,520.07
Apr-2022 558.30 983,302.27
Mar-2022 540.56 960,581.66Feb-2022 452.74 826,843.00
Jan-2022 461.71 831,993.11
Dec-2021 456.63 826,848.22
Nov-2021 418.64 768,436.11
Oct-2021 421.86 771,444.98
Sep-2021 365.43 654,351.81
Aug-2021 355.55 639,116.95
Jul-2021 324.78 606,281.14
Jun-2021 280.75 547,373.17
May-2021 253.95 490,638.65
Apr-2021 264.10 493,663.68
Mar-2021 273.16 504,886.44
Feb-2021 229.29 425,062.76
Jan-2021 230.27 431,181.89
Dec-2020 223.41 416,176.21
Nov-2020 221.02 390,999.15
Oct-2020 207.16 386,106.74
Sep-2020 180.01 329,027.66
Aug-2020 161.88 298,307.61
Jul-2020 149.73 290,537.86
Jun-2020 133.69 261,835.00
May-2020 123.45 218,391.60
Apr-2020 99.95 151,140.66
******