The Unified Payments Interface (UPI) has achieved 15,547 crore transactions worth Rs 223 lakh crore from January to November this year, the Finance Ministry said on Saturday. The ministry, in a social media post on X, stated that the UPI transaction figures showcase its transformative impact on financial transactions in India.
With a social media hashtag, FinMinYearReview2024, on X, the ministry highlighted the significance of UPI, which is getting prominence in countries across the globe. India’s digital payments revolution is gaining international momentum, with both UPI and RuPay expanding rapidly across borders. Currently, UPI is operational in seven countries, including key markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
UPI is a digital payment system that allows users to make instant money transfers between bank accounts. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionised the nation’s payment ecosystem by integrating multiple bank accounts into a single mobile application.
This system enables seamless fund transfers, merchant payments, and peer-to-peer transactions, offering users flexibility through scheduled payment requests.
UPI has not only made financial transactions fast, secure, and effortless, but it has also empowered individuals, small businesses, and merchants, driving the country’s shift toward a cashless economy.
In October 2024, the Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India’s digital transformation.
UPI processed an impressive Rs 23.49 lakh crores across 16.58 billion financial transactions in October 2024, marking a 45 percent year-on-year growth from 11.40 billion transactions in October 2023, as per the Ministry of Finance figures. With 632 banks connected to its platform, this surge in usage highlights UPI’s expanding dominance in India’s payment landscape.
UPI has had a profound impact on small businesses, street vendors, and migrant workers, offering them an easy and efficient way to transfer money and receive payments. Its adoption was particularly accelerated during the Covid-19 pandemic, as people sought safer, contactless alternatives to cash transactions.
UPI’s success, however, extends beyond the strength of its infrastructure; it also stems from the behavioural shift it has inspired, where trust in the system and its accessibility have been key factors in driving widespread use.
UPI’s entry into France is particularly significant, marking its first foray into Europe. This expansion enables Indian consumers and businesses to make and receive payments seamlessly, even while living or travelling abroad.
As part of its global outreach, Prime Minister Modi has actively pitched for UPI’s expansion within the BRICS grouping, which now includes six new member states. This initiative is expected to further bolster remittance flows, improve financial inclusion, and enhance India’s stature in the global financial landscape.
According to the ACI Worldwide Report 2024 cited by the Finance Ministry, India now accounts for around 49 percent of global real-time payment transactions as of 2023, underscoring India’s leadership in digital payment innovation.
