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Unified Payments Interface: Where growth outpaces the rulebook

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Unified Payments Interface: Where growth outpaces the rulebook

Why did I say hiding in plain eyesight is because NPCI, the body that runs UPI, has itself acknowledged that there are risks in this ecosystem while it released the circular to implement 30% market cap 4 years back, writes Nikunj Agarwal, Head-Listed Equities, Asnu Finvest.

Last month marked ten years since the Unified Payments Interface (UPI) first went live, on August 25, 2016, built by the National Payment Corporation of India (NPCI) under the Reserve Bank's oversight, processing a modest 1.78 crore transactions in its first full year. A decade on, the network processed roughly 24,162 crore transactions in FY2025-26, worth close to ₹314 lakh crore, a jump of nearly 30% over the year before, and over the full decade, a nearly 13,000-fold rise in volume that the Finance Ministry itself highlighted in its own anniversary statement.

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