UPI logs 15,547 crore transactions worth ₹223 lakh crore from January to November 2024, highlighting its major role in India’s digital payment ecosystem. The Finance Ministry announced this achievement, underlining UPI’s growing impact on how India transacts and its international expansion.
How UPI logs 15,547 cr transactions
UPI, introduced by the National Payments Corporation of India (NPCI) in 2016, has transformed India’s payment system. It combines multiple bank accounts into a single app, making financial transactions seamless and secure. With features like instant fund transfers and peer-to-peer payments, UPI has helped India move towards a cashless economy.
In October 2024 alone, UPI processed ₹23.49 lakh crore through 16.58 billion transactions. This represents a 45% year-on-year growth compared to October 2023, as per Finance Ministry data.
UPI logs success beyond borders
UPI’s success story now extends internationally. It is operational in seven countries, including the UAE, France, and Mauritius. This expansion makes it easier for Indian users to transact globally. For instance, its entry into France is a major milestone, marking UPI’s debut in Europe.
Additionally, Prime Minister Modi has advocated for UPI’s adoption within the BRICS nations. This move is expected to boost remittance flows and strengthen India’s financial presence worldwide.
UPI logs benefits for small businesses
UPI has made financial transactions faster and simpler for small businesses, vendors, and workers. Many adopted UPI during the Covid-19 pandemic for its contactless payment feature. This helped them continue operations safely and efficiently.
Moreover, UPI has provided users with a secure and user-friendly platform, encouraging a shift from cash to digital payments. Its accessibility has significantly boosted financial inclusion in India.
India leads in digital payments
India now accounts for 49% of global real-time payments, according to the 2024 ACI Worldwide Report. UPI has achieved this through its robust infrastructure and ease of use. It also inspires trust among users, further driving its adoption.
With UPI consistently logging record-breaking transactions, it has established India as a leader in digital payment innovation. Its success continues to empower individuals and businesses alike while contributing to the global financial ecosystem.
