The Unified Payments Interface (UPI) has recorded 15,547 crore transactions worth ₹223 lakh crore from January to November 2024, the Finance Ministry announced on Saturday.
In a social media post on X, the ministry highlighted UPI’s transformative impact on financial transactions in India. Using the hashtag FinMinYearReview2024, it emphasized UPI’s global recognition, with the platform now operational in seven countries, including the UAE, Singapore, and France.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI integrates multiple bank accounts into a single mobile app. It facilitates instant money transfers, merchant payments, and peer-to-peer transactions. UPI has enabled small businesses, vendors, and individuals to embrace cashless payments.
In October 2024, UPI processed a record-breaking 16.58 billion transactions worth ₹23.49 lakh crore. This marked a 45% increase compared to October 2023. Currently, 632 banks are connected to UPI, reflecting its growing dominance in India’s payment ecosystem.
India’s digital payments revolution is gaining momentum worldwide. UPI is live in countries such as Nepal, Sri Lanka, and Mauritius, supporting seamless cross-border transactions. Prime Minister Modi has championed UPI’s expansion within the BRICS group, strengthening remittance flows and financial inclusion.
According to the ACI Worldwide Report 2024, India accounts for 49% of global real-time payments. UPI’s success lies in its secure infrastructure and the trust it has built among users, reshaping the way India transacts digitally.
Also Read: NPA Ratio Drops Significantly, Bank Profits Soar In 2023-24
Marking 11 years of transformative governance, citizen engagement platform MyGov has launched a series of…
On Saturday, President Droupadi Murmu and PM Modi extended warm wishes to citizens on occasion…
Viral claims about US Vice President JD Vance resigning due to tensions between Donald Trump…
Actor Vikrant Massey, currently enjoying a family holiday in Naples, Italy, delighted fans by sharing…
Eid al-Adha, also known as Bakri Eid or the festival of sacrifice, stands as one…
Discover practical strategies to overcome procrastination, improve focus, and build habits that drive consistent productivity.