The ministry said in a social media post on X that UPI transaction data shows its transformative impact on financial transactions in India. With a social media hashtag FinMinYearReview2024 on X, the ministry highlighted the importance of UPI, which is gaining prominence. In countries around the world.
India’s digital payments revolution is gaining momentum internationally, with both UPI and RuPay expanding rapidly across borders. Currently, UPI operates in seven countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. UPI is a digital payment system that allows users to make instant money transfers between bank accounts.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the country’s payments ecosystem by integrating multiple bank accounts into one mobile application.
The system enables seamless fund transfers, merchant payments, and peer-to-peer transactions, giving customers flexibility through scheduled payment requests. And merchants are leading the country’s transition to a cashless economy.
In October 2024, the Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, highlighting its key role in India’s digital transformation.
UPI handled an impressive Rs 23.49 lakh crore in 16.58 billion financial transactions in October 2024, up 45 percent year-on-year from 11.40 billion transactions in October 2023, according to finance ministry data. 632 banks are connected to its platform. , this increase in usage highlights the growing dominance of UPI in India. Payment landscape.
UPI has had a profound impact on small businesses, street vendors, and migrant workers, offering them a convenient and efficient way to transfer money and receive payments. Its adoption was particularly accelerated during the Covid-19 pandemic, as people sought a secure, contactless alternative to cash transactions.
UPI’s success, however, has gone beyond the strength of its infrastructure. It also stems from the behavioral change it has encouraged, where trust in the system and its accessibility have been key factors in driving widespread use. UPI’s entry into France is particularly significant, marking its first foray into Europe.
This extension enables Indian consumers and businesses to make and receive payments seamlessly, even while living or traveling abroad. As part of its global reach, Prime Minister Modi has actively advocated for the expansion of UPI within the BRICS group, which now includes six new member states.
This initiative is expected to further strengthen remittance flows, improve financial inclusion, and increase India’s stature in the global financial landscape. transactions by 2023, marking India’s leadership in digital payment innovation.