New Delhi, Dec 14: The Unified Payments Interface (UPI) has processed 15,547 crore transactions worth Rs 223 lakh crore from January to November 2024, marking a transformative leap in India’s financial transaction ecosystem, the Finance Ministry reported on Saturday.
The ministry shared these figures via a post on social media platform X, emphasizing UPI’s growing role in revolutionizing digital payments in India and its expanding presence globally. UPI, which allows users to make instant bank transfers, has gained significant traction in several countries, now operational in seven nations, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has integrated multiple bank accounts into a single mobile platform, enabling seamless transactions. It has made payments faster, more secure, and accessible, empowering individuals, small businesses, and merchants across India, driving the shift towards a cashless economy.
In October 2024, UPI achieved a historic milestone by processing 16.58 billion transactions, totaling Rs 23.49 lakh crore, marking a 45% year-on-year growth from October 2023. This surge in usage underlines UPI’s growing dominance, with 632 banks now connected to the platform.
UPI has played a crucial role in supporting small businesses, street vendors, and migrant workers, providing them with a safe, efficient way to make payments. The pandemic further accelerated its adoption, as people turned to contactless payment methods. The success of UPI also lies in the trust it has built among users, along with its ease of use and accessibility.
In a significant global move, UPI’s expansion into France marks its first entry into Europe, offering Indian consumers and businesses a seamless payment experience abroad. Prime Minister Narendra Modi has also advocated for UPI’s wider adoption within the BRICS grouping, including six new member states, which is expected to enhance financial inclusion and remittance flows, further elevating India’s position in the global financial arena.
