Summary
UPI is India’s real-time payment system — the largest in the world — launched in 2016 by the National Payments Corporation of India (NPCI), UPI processed 22.72 billion transactions worth Rs 28.92 lakh crore in June 2026 alone; India now accounts for approximately 49% of all real-time payment transactions globally
554 million Indians use UPI as of 2026, across 65 million merchant locations; a QR code at a roadside chai stall, a street vendor, a hospital, a university or a five-star hotel all accept UPI — it has become India’s de facto payment infrastructure
OrbitRemit supports direct delivery to UPI IDs from Australia — when you send AUD to INR, you can send directly to your family’s UPI ID (such as name@okaxis or mobile@ybl); the money appears in their bank account within minutes; AUD to INR transfers are fee-free from Australia
If you have sent money to India recently, your family may have asked you to send it to their “UPI ID” or a phone number linked to PhonePe or Google Pay. That is UPI — and understanding it helps you send money home faster and more accurately.
UPI has transformed how India pays for everything. In less than a decade, it went from a government initiative to the backbone of one of the world’s fastest-growing digital economies.
What is UPI?
UPI stands for Unified Payments Interface — a real-time payment system developed by the National Payments Corporation of India (NPCI) and launched on April 11, 2016. It is regulated by the Reserve Bank of India (RBI).
UPI connects hundreds of Indian banks through a single interface. Rather than needing a BSB or account number (in Australian terms), users have a UPI ID — also called a Virtual Payment Address (VPA) — which is a short, memorable identifier that routes payments directly to their bank account.
Examples of UPI IDs:
- mobilenumber@paytm
- name@okaxis
- mobilenumber@ybl (Yes Bank / PhonePe)
- mobilenumber@oksbi (State Bank of India)
- mobilenumber@okicici
Any UPI app — PhonePe, Google Pay, Paytm, BHIM, Amazon Pay and many others — can send to any UPI ID, regardless of which bank the sender or receiver uses. This interoperability across all banks and apps is what made UPI so transformative.
How big is UPI?
UPI is the largest real-time payment system on Earth — by a significant margin.
| Metric | Figure | Source |
|---|---|---|
| Registered users | 554 million | meetanshi.com (July 2026) |
| Merchants accepting UPI | 65 million+ | meetanshi.com (July 2026) |
| Transactions in June 2026 | 22.72 billion | NPCI via sci-tech-today.com (July 2026) |
| Value processed in June 2026 | Rs 28.92 lakh crore (~USD 346 billion) | NPCI via sci-tech-today.com |
| Share of global real-time payments | ~49% | coinlaw.io (June 2026) |
| Average daily transactions | ~743 million | GrabOn (February 2026) |
India accounts for roughly half of all real-time payment transactions on the entire planet. UPI processes more transactions each day than most countries process in a year.
How UPI works
The UPI ID (Virtual Payment Address)
Every UPI user has a UPI ID — a unique identifier linked to their bank account. It typically looks like:
mobilenumber@bankhandle or customname@bankhandle
The “@bankhandle” suffix identifies which bank or payment app the address belongs to:
- @okaxis — Axis Bank
- @oksbi — State Bank of India
- @okicici — ICICI Bank
- @ybl — Yes Bank (used by PhonePe)
- @paytm — Paytm Payments Bank
- @gpay — Google Pay
Sending a UPI payment in India
- Open any UPI app — PhonePe, Google Pay, Paytm, BHIM, Amazon Pay
- Enter the recipient’s UPI ID, mobile number or scan their QR code
- Enter the amount
- Authenticate with your UPI PIN (a 4-6 digit PIN set when you registered)
- The money leaves your account and appears in the recipient’s account within seconds
24/7: UPI processes payments instantly, 24 hours a day, 365 days a year — including Sundays and Indian public holidays.
Free: UPI transfers are free for individuals. There are no fees for person-to-person transfers. Some merchant transactions above Rs 2,000 carry a small processing fee for the merchant.
UPI apps — the major players
| App | Market share (volume) | Backed by |
|---|---|---|
| PhonePe | 46.26% (May 2026) | Walmart/Flipkart |
| Google Pay | 32.75% (May 2026) | |
| Paytm | ~7% | One97 Communications |
| BHIM | — | NPCI (government-backed) |
| Amazon Pay | — | Amazon |
PhonePe (46.26%) and Google Pay (32.75%) together accounted for 79% of UPI transactions in May 2026 — the first time their combined share fell below 80% of UPI transaction volume. BHIM (Bharat Interface for Money) is the government’s own UPI app — simpler, no frills, and widely used in rural areas.
UPI 2.0 — what changed in 2018
UPI 2.0 was launched in August 2018 with significant new features:
- Signed intent and QR: Merchants can generate UPI QR codes that include payment details, reducing errors
- One-time mandates: Set up a one-time payment instruction for future execution — useful for booking fees, deposits
- Invoice in the inbox: Merchants can send invoices directly to the payer’s UPI app before payment
- Overdraft facility: Users can link an overdraft account to their UPI ID for credit-backed payments
UPI going global
UPI was originally domestic-only. NPCI International — a subsidiary specifically created for international expansion — has progressively rolled out UPI internationally:
Countries where UPI is accepted for merchant payments (as of 2026): UAE, Singapore, France, UK, Bhutan, Nepal, Sri Lanka, Mauritius, Qatar
Inward remittances via UPI: Selected corridors now allow international remittance services to deliver money directly to a recipient’s UPI-linked bank account. Australia is one of the corridors where this is live — OrbitRemit supports direct UPI delivery for AUD to INR transfers.
Receiving money from Australia via UPI
When a family member in Australia sends you money via OrbitRemit, they can choose UPI delivery — the money appears directly in your bank account via your UPI ID, typically within minutes.
How to find your UPI ID:
- Open any UPI app (PhonePe, Google Pay, Paytm, BHIM)
- Go to Profile or Account settings
- Your UPI ID is displayed — usually your mobile number followed by @bankhandle
- Share this with your family member in Australia exactly as it appears
What the sender needs:
- Your UPI ID (e.g. 9876543210@okaxis) — OR your mobile number registered with UPI
- The amount in AUD — OrbitRemit converts at the confirmed rate
How fast is it? OrbitRemit delivers over 85% of AUD to INR transfers to Asia-Pacific within 2 hours. UPI delivery is typically among the fastest options.
AUD to INR with OrbitRemit:
- Fee: AUD $0 — fee-free
- Delivery: Directly to UPI ID or bank account
- Speed: Within 2 hours for most transfers
UPI vs traditional bank transfer to India
| UPI delivery | SWIFT bank transfer | |
|---|---|---|
| Speed | Minutes to 2 hours | 2-4 business days |
| What recipient needs | UPI ID or mobile number | Bank account number + IFSC code |
| Weekends/holidays | Yes — 24/7 | Delayed |
| Availability | Any UPI-enabled bank | Most banks |
| Error risk | Low — UPI ID validated | Higher — manual entry |
For most families in India, UPI delivery is the faster and simpler option when receiving money from Australia.
Common UPI questions from Indian migrants in Australia
My family in India doesn’t know their UPI ID — how do they find it?
Ask them to open PhonePe or Google Pay, go to their profile, and look for their UPI ID. It usually looks like their 10-digit mobile number followed by @ybl (PhonePe) or @gpay (Google Pay). They can also open BHIM and check under “My Profile.”
Can I send money to a mobile number instead of a UPI ID?
Yes — if the recipient’s mobile number is registered with UPI, you can enter their mobile number as the payment destination in OrbitRemit. The system links the mobile number to the registered UPI ID and bank account.
Is UPI safe?
Yes. UPI uses two-factor authentication — a registered mobile number plus a UPI PIN set by the user. Payments cannot be initiated without both. The NPCI and RBI regulate the system, and transaction disputes are handled by the receiving bank.
What if my family member’s UPI ID is incorrect?
UPI validates the ID before confirming payment — if the ID does not exist or is inactive, the transfer will not process. Always double-check the UPI ID digit by digit before confirming.
FAQs (frequently asked questions)
What does UPI stand for?
Unified Payments Interface — India’s real-time payment system developed by the National Payments Corporation of India (NPCI) and launched on April 11, 2016.
How many people use UPI?
554 million users as of 2026, across 65 million merchant locations. UPI processed 22.72 billion transactions in June 2026.
What is a UPI ID?
A unique identifier (also called a Virtual Payment Address or VPA) that links to your Indian bank account. It typically looks like mobilenumber@bankhandle (e.g. 9876543210@okaxis). Anyone who has your UPI ID can send you money instantly.
How do I receive money from Australia via UPI?
Share your UPI ID with your family member in Australia. If they use OrbitRemit, they can enter your UPI ID when setting up the transfer — the money is delivered directly to your bank account, typically within 2 hours.
Which UPI app is most popular?
PhonePe (46.26% market share as of May 2026) and Google Pay (~37%) together account for approximately 85% of UPI transactions. BHIM is the government-backed option.
Is UPI free to use?
Yes for individuals — person-to-person UPI transfers carry no fee. Some merchant transactions above Rs 2,000 carry a small fee for the merchant, not the customer.
Related guides
- How to send money to India from Australia →
- Moving to Australia from India →
- What is GCash? Philippines’ mobile wallet explained →
What it means for your transfers
AUD to INR transfers from Australia are fee-free with OrbitRemit — and with UPI delivery, the money arrives in your family’s bank account in minutes rather than business days. Enter their UPI ID or registered mobile number when setting up your transfer.
This guide is for general information only. UPI statistics are sourced from NPCI and independent research. Last updated August 2026.
Sources: NPCI official — UPI product statistics (npci.org.in) | sci-tech-today.com — UPI Statistics 2026 (July 2, 2026) | coinlaw.io — UPI Statistics: India’s Real-Time Payments Decade (June 23, 2026) | meetanshi.com — UPI Statistics 2026 (July 2026) | opendue.com — Unified Payments Interface (2026) | GrabOn — UPI Statistics 2016-2026 (February 18, 2026)
