UPI QR code deployment grows by nearly 9 percent in September 2026
Reserve Bank of India data indicates a steady expansion of UPI QR code infrastructure, while payment failure rates among major banks show a marginal increase.
India recorded 885.5 million Unified Payments Interface (UPI) QR codes in circulation by the end of September 2026, marking an 8.9 percent increase from the previous month. The data, published in the Reserve Bank of India’s Payment System Indicators, highlights a significant year-on-year expansion in digital payment infrastructure across the country.
In contrast, the use of Bharat QR codes saw a decline, reaching 5.34 million, down 12.4 percent compared to September 2025. Analysts note that while the volume of QR codes has increased, these figures represent deployment by merchants rather than the frequency or volume of actual transactions processed.
Bank-level reporting reveals a high concentration of market share, with Yes Bank accounting for approximately 70 percent of total UPI QR codes. Despite the expanded infrastructure, the National Payments Corporation of India reported a rise in payment failures. Among the 20 largest remitter banks, the failure rate increased to 0.24 percent in September 2026, compared to 0.18 percent in August.