NEW DELHI: The Ministry of Finance on Saturday revealed that the Unified Payments Interface (UPI) completed 15,547 crore transactions between January and November 2024. These transactions amounting to Rs 223 lakh crore reflect UPI’s transformative impact on financial transactions across India.
UPI is driving a global revolution, not only expanding across international markets but also positioning India as a global leader in digital payments. In a post on the social media platform X, the ministry further revealed that UPI is now accepted in seven countries, including France, Sri Lanka, the UAE, Mauritius, Singapore, Nepal, and Bhutan.
The National Payments Corporation of India (NPCI) reported a 45 per cent increase in UPI payment volume, reaching 16.6 billion transactions in October, compared to the same month last year. This increase resulted in a record total transaction value, rising 37 per cent to Rs 23.5 lakh crore ($279.6 billion). The average daily transaction count stood at 535 million, with the average daily transaction value at Rs75,801 crore.
Since its introduction in 2016 by the NPCI, UPI has revolutionized India’s payment ecosystem. By integrating multiple bank accounts into a single mobile application, it has made transactions, merchant payments, and peer-to-peer transactions effortless.
Its innovative features, such as the ability to schedule payment requests, have further enhanced user convenience, solidifying UPI’s role as a key driver of India’s digital payment transformation.
According to a press release from the Reserve Bank of India, the ACI Worldwide Report 2024 reveals that India accounts for approximately 49 per cent of global real-time payment transactions as of 2023, further solidifying its leadership in digital payment innovation.
With UPI’s expanding landscape and the rise in digital transactions, India is establishing new global standards for financial inclusion and economic empowerment.
“As UPI continues to expand globally, it is setting new standards for digital payments, empowering citizens, enhancing economic opportunities, and contributing to India’s increasing influence in the global financial arena,” the RBI statement added.
