UPI–The Global Benchmark for Digital Payments

This report is a joint initiative of National Payments Corporation of India (NPCI) and Boston Consulting Group (BCG), launched at Global Fintech Festival in October 2025. As part of the collaborative eff orts, NPCI has brought its deep insights & expertise as the umbrella organization that operates the retail payments and settlement systems in India and has leveraged its extensive database providing Unifi ed Payments Interface (UPI) payments trends in India. BCG has brought to bear its deep industry expertise in the payments domain globally.

Together, NPCI and BCG look forward to engaging with you on the exciting subject of India’s world leading digital payment platform—UPI. The report presents, in detail, UPI’s journey, its current reach and impact on consumers, merchants and the economy as it becomes the default payment mode for millions, reshaping social dynamics by bridging the digital divide, advancing financial inclusion, and empowering communities across India.