UPI hits record 15,500 crore transactions worth ₹223 lakh crore
The Unified Payments Interface (UPI) has achieved a major milestone by processing 15,547 crore transactions amounting to ₹223 lakh crore between January and November 2024. The Finance Ministry shared this information in a social media post on X. The ministry noted UPI's contribution to driving the "#DigitalPayment revolution," stressing its transformative effect on financial transactions in India.
Global expansion and impact on India's payment system
UPI's growing global footprint is clear as it is now operational in seven nations, including the UAE, Singapore, Bhutan, Sri Lanka, Nepal, France, and Mauritius. This expansion highlights India's growing dominance in digital payments across the globe. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has transformed India's payment system by bringing in multiple bank accounts into a single mobile platform.
Take a look at the official post
Record transactions and growth in October
In just October 2024, UPI handled a record 16.58 billion financial transactions worth ₹23.49 lakh crore. This is a whopping 45% year-on-year (YoY) growth over October 2023 when UPI handled 11.40 billion transactions. The sustained growth of UPI underlines its key role in India's shift toward a cashless digital economy.
