The country’s most popular digital payments platform, the Unified Payments Interface (UPI) is likely to touch 240 billion transactions in FY 26, compared with 185 billion in FY 25. This represents a growth of almost 30 percent year-on-year, compared with last fiscal year’s growth rate of 41 percent, according to data from the National Payments Corporation of India (NPCI), which operates UPI. UPI recorded 131 billion transactions during FY 24. The growth was achieved even as the government subsidies for small-value UPI merchant payments have been coming down over the last couple of years.