UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
The Finance Ministry said on Saturday that from January to November of this year, 15,547 crore transactions of ₹223 lakh crore were handled through the Unified Payments Interface (UPI).
The government emphasised the substantial influence of UPI on financial transactions in India in a social media post on X. The ministry highlighted UPI’s expanding worldwide importance and noted its rising use in several nations, using the hashtag #FinMinYearReview2024.
With UPI and RuPay both making quick progress outside, India’s digital payment revolution is gathering momentum globally. The UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius are among the seven nations where UPI currently conducts business. The National Payments Corporation of India (NPCI) introduced UPI, a digital payment system that allows for immediate money transfers between bank accounts, in 2016. Since then, it has revolutionised India’s payment ecosystem by combining several bank accounts into a single smartphone application.
Peer-to-peer transactions, merchant payments, and cash transfers have all been made easier by this technology, which also gives consumers flexibility by allowing them to schedule payment requests. By facilitating quicker, safer, and simpler financial transactions, UPI has empowered people, small companies, and retailers while advancing the country’s transition to a cashless economy.
In October 2024, UPI processed 16.58 billion transactions, worth ₹23.49 lakh crore, setting a new record. According to Ministry of Finance figures, this was a 45% year-over-year rise from 11.40 billion transactions in October 2023. With 632 banks linked to its network, this increase highlights UPI’s increasing hegemony in India’s payment industry.
Because UPI offers a quick and easy means to send and receive money, it has been extremely beneficial to migratory workers, small companies, and street sellers. As consumers looked for safer, contactless alternatives to cash during the Covid-19 outbreak, the system’s use skyrocketed.
The success of UPI may be ascribed to both a change in customer behaviour and its strong infrastructure. The system’s extensive acceptance has been greatly aided by user accessibility and trust in it. Being the first European nation to implement the system, UPI’s entry into France represents a noteworthy milestone. This makes it possible for Indian businesses and customers to send and receive money overseas with ease.
Prime Minister Modi has been a strong supporter of UPI’s growth within the BRICS alliance, which now has six additional members. It is anticipated that this drive will improve India’s financial standing internationally, encourage financial inclusion, and fortify remittance flows.
As of 2023, India accounted for almost 49% of all real-time payment transactions worldwide, according to the ACI Worldwide Report 2024, which the Finance Ministry quoted. This further solidifies India’s position as a pioneer in digital payment innovation.