New Delhi: The Finance Ministry on Saturday revealed that the Unified Payments Interface (UPI) has completed 15,547 crore transactions between January and November 2024. These transactions of Rs 223 lakh crore show the impact of the UPI transition on financial transactions across India.
UPI is creating a global revolution, not only expanding into international markets but also positioning India as a global leader. Digital payment. In a post on social media platform X, the ministry further revealed that UPI is now accepted in seven countries, including France, Sri Lanka, United Arab Emirates, Mauritius, Singapore, Nepal and Bhutan.
gave National Payments Corporation of India (NPCI) reported a 45 percent increase in UPI payment volume, reaching 16.6 billion transactions in October, compared to the same month last year. The increase resulted in a record total transaction value of 37 percent to Rs 23.5 lakh crore ($279.6 billion). The average daily transaction volume was 535 million, with an average daily transaction value of Rs 75,801 crore.
Since NPCI’s introduction in 2016, UPI has revolutionized India’s payments ecosystem. By integrating multiple bank accounts into a single mobile application, it has simplified transactions, merchant payments, and peer-to-peer transactions.
Its innovative features, such as the ability to schedule payment requests, further enhance user convenience, cementing UPI’s role as a key driver of India’s digital payment transformation.
According to a press release by the Reserve Bank of India, the ACI Worldwide Report 2024 shows that India accounts for about 49 percent of the global population. Real-time payment transactions By 2023, Digital is further consolidating its leadership in payment innovation.
With the expanding UPI landscape and increasing digital transactions, India is setting new global standards. Financial inclusion and economic empowerment.
“As UPI continues to expand globally, it is setting new standards for digital payments, empowering citizens, expanding economic opportunities, and the global financial arena,” the RBI statement added. I am contributing to India’s growing influence.”