• Dr. Tej Prakash Chandra

India’s Unified Payments Interface (UPI) has evolved from a domestic real-time rails experiment in 2016 into the world’s most heavily used instant payments system by 2024-25, adding offline, credit-line, feature-phone and cross-border capabilities along the way. This paper reviews the evolution of UPI (and the role of NPCI), synthesizes recent literature, and analyzes the latest usage patterns and product innovations (UPI Lite/Lite X, Tap & Pay, Credit Line on UPI, RuPay credit on UPI, 123PAY, autopay mandates), as well as international linkages (Singapore, UAE, Nepal, France, Sri Lanka and Mauritius). Using NPCI product statistics through July 2025 and official releases, we show UPI’s monthly volume reached 19.47 billion and value ₹25.08 lakh crore in July 2025, with UPI accounting for ~84% of retail payment volumes in FY2024–25 per RBI reporting. We discuss sustainability debates around MDR, merchant category dynamics, and the implications of cross-border acceptance. Findings suggest UPI’s next growth leg will hinge on credit line activation, offline/feature-phone reach, risk controls, and pragmatic international standards alignment.

UPI, RBI, Foreign Investments, NPCI

"UPI as a Catalyst for Inclusive and Sustainable Digital Payments", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 8, page no.g269-g276, August-2025, Available :http://www.jetir.org/papers/JETIR2508633.pdf

"UPI as a Catalyst for Inclusive and Sustainable Digital Payments", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 8, page no. ppg269-g276, August-2025, Available at : http://www.jetir.org/papers/JETIR2508633.pdf