NEW DELHI: The Ministry of Finance on Saturday revealed that the Unified Payments Interface (UPI) accomplished 15,547 crore transactions between January and November 2024. These transactions amounting to Rs 223 lakh crore mirror UPI’s transformative affect on monetary transactions throughout India.
UPI is driving a world revolution, not solely increasing throughout worldwide markets but additionally positioning India as a world chief in digital funds. In a put up on the social media platform X, the ministry additional revealed that UPI is now accepted in seven nations, together with France, Sri Lanka, the UAE, Mauritius, Singapore, Nepal, and Bhutan.
The National Payments Corporation of India (NPCI) reported a forty five per cent enhance in UPI cost quantity, reaching 16.6 billion transactions in October, in contrast to the identical month final 12 months. This enhance resulted in a file whole transaction worth, rising 37 per cent to Rs 23.5 lakh crore ($279.6 billion). The common day by day transaction depend stood at 535 million, with the typical day by day transaction worth at Rs75,801 crore.
Since its introduction in 2016 by the NPCI, UPI has revolutionized India’s cost ecosystem. By integrating a number of financial institution accounts right into a single cell utility, it has made transactions, service provider funds, and peer-to-peer transactions easy.
Its progressive options, similar to the power to schedule cost requests, have additional enhanced person comfort, solidifying UPI’s function as a key driver of India’s digital cost transformation.
According to a press launch from the Reserve Bank of India, the ACI Worldwide Report 2024 reveals that India accounts for roughly 49 per cent of worldwide real-time cost transactions as of 2023, additional solidifying its management in digital cost innovation.
With UPI’s increasing panorama and the rise in digital transactions, India is establishing new international requirements for monetary inclusion and financial empowerment.
“As UPI continues to expand globally, it is setting new standards for digital payments, empowering citizens, enhancing economic opportunities, and contributing to India’s increasing influence in the global financial arena,” the RBI assertion added.
