New Delhi: India’s digital payments ecosystem has witnessed phenomenal growth over the past decade, with the Unified Payments Interface (UPI) evolving into the backbone of everyday financial transactions. According to an official fact sheet released on Saturday, UPI transactions have surged from just 2 crore in FY2016-17 to more than 24,162 crore in FY2025-26.
The rapid rise has been powered by the government’s JAM Trinity initiative—Jan Dhan accounts, Aadhaar, and mobile connectivity—which has transformed financial inclusion and digital governance across the country.
The Pradhan Mantri Jan Dhan Yojana has significantly expanded access to banking services. The number of bank accounts has grown from 14.72 crore in March 2015 to 57.78 crore by February 2026, while total deposits have increased from Rs 15,670 crore to Rs 2.94 lakh crore.
At the same time, Aadhaar has emerged as the country’s trusted digital identity platform. Aadhaar enrolments have climbed from 0.42 crore in 2010-11 to more than 144 crore by March 2026, enabling secure and instant digital authentication for millions.
Mobile connectivity has further strengthened the digital ecosystem. As of March 2026, 85.5 per cent of Indian households owned at least one smartphone, while internet access had reached over 109 crore people nationwide.
The combined impact of the JAM framework has also transformed welfare delivery. By June 2026, more than Rs 51 lakh crore had been transferred directly to 176 crore beneficiaries through Direct Benefit Transfer (DBT), improving transparency and reducing leakages in government schemes.
India’s digital transformation extends beyond payments. DigiLocker has become a widely used platform for secure digital document storage and verification. By March 2026, it had registered over 70.69 crore users and issued more than 850 crore digital documents, making paperless verification faster and more reliable.
Meanwhile, the Government e-Marketplace (GeM) has modernised public procurement by making the process more transparent and efficient. As of June 2026, the platform had recorded a cumulative Gross Merchandise Value (GMV) exceeding Rs 18.4 lakh crore, including Rs 5 lakh crore during FY2025-26 alone, while enabling more than 11 lakh MSMEs to participate in government procurement.
With inputs from IANS