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.
UPI’s Role in India’s Digital Transformation
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.
UPI Expands Globally
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.
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