In the last 10 years, UPI has registered a 12,000-fold surge in volume and over 4,000 times increase in value — that's 17.86 million transactions worth Rs 6,952 crore in FY17 to 218.98 billion transactions valued at nearly Rs 285 lakh crore in FY26 (April-February). Besides India, it is live in eight countries and has rolled out innovations such as ATM withdrawals and Lite payments. While policy initiatives, like MDR waivers and the Payments Infrastructure Development Fund, have deepened reach, value-added services are expected to drive the next growth phase.