The Unified Payments Interface (UPI) has reached a major milestone, processing 15,547 crore transactions worth Rs 223 lakh crore from January to November 2024, according to the Finance Ministry. The ministry shared the figures in a social media post on X.
With the hashtag #FinMinYearReview2024, the ministry noted the growing prominence of UPI, which is gaining recognition worldwide. Currently, UPI is operational in seven countries, including major markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, showcasing India’s expanding digital payments footprint.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized India's payment system by integrating multiple bank accounts into a single mobile platform. This has enabled users to perform instant money transfers, merchant payments, and peer-to-peer transactions seamlessly, driving India’s transition towards a cashless economy.
UPI processed a record 16.58 billion financial transactions in October 2024 alone, totaling Rs 23.49 lakh crore. This represents a 45 percent year-on-year growth from October 2023, when UPI processed 11.40 billion transactions.
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