India's Unified Payments Interface (UPI) recorded a 19.6% surge in digital merchant payments, reaching ₹11.73 lakh crore in July 2026 as the system celebrates its tenth anniversary.
Despite the massive volume of transactions, experts are debating the long-term sustainability of the model, noting that the system must now find ways to pay for its own operational costs.
The shift toward digital payments has significantly impacted traditional banking revenue, with UPI increasingly capturing market share from conventional debit and credit card providers.