In a major development, Union finance ministry on February 27 said the the number of UPI transactions in January has crossed 16.99 billion with the total value exceeding Rs 23.48 lakh crore.
For 2023-24, the digital payments landscape has demonstrated remarkable expansion, the finance ministry said in a statement.
Unified Payments Interface (UPI) remains the cornerstone of India's digital payment ecosystem, contributing to 80 per cent of the retail payments across the country, it said.
The total transaction volume exceeded 131 billion and the value exceeded Rs 200 lakh crore for the 2023-24.
Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country, it said.
As of January, 2025, over 80 UPI Apps , 641 banks are currently live on UPI ecosystem, it said.
In FY 24-25 (till Jan, 2025), the People to Merchant (P2M) transactions contributed 62.35 per cent and P2P transactions contributed 37.65 per cent of the overall UPI volume, it said.
The contribution of P2M transactions reached 62.35 per cent in January, 2025 where 86 per cent of these transactions are up to a value of Rs 500, it said, adding, this indicates the trust that UPI enjoys among citizens for making low value payments.
With PTI inputs
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