India's UPI Facilitates Rs 2.23 Lakh Crore Transactions in 11 Months

The Finance Ministry announced on Saturday that from January to November this year, the Unified Payments Interface (UPI) facilitated 15,547 crore transactions amounting to Rs 2.23 lakh crore.

In the announcement, the ministry emphasized that the UPI transaction data showcases its significant impact on financial transactions in India. In the FinMinYear Review2024, the Ministry underscored the growing global importance of UPI.

UPI transactions amounting to Rs 223 lakh crore

India's surge in digital payments is making waves globally, as UPI and RuPay expand swiftly beyond the nation's borders.

Presently, UPI functions in seven countries, including significant markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.

UPI is a digital transaction system enabling users to transfer money instantly between bank accounts.

UPI Transforms Nation

Introduced in 2016 by the National Payments Corporation of India (NPCI), UPI has transformed the nation's payment landscape by consolidating multiple bank accounts into one mobile app.

This system facilitates smooth fund transfers, merchant payments, and peer-to-peer transactions, offering users the convenience of scheduled payment requests.

UPI has not only accelerated, secured, and simplified financial transactions, but it has also empowered individuals, small businesses, and merchants, contributing to the country's move towards a cashless economy.

Shows year-on-year growth

In October 2024, the Unified Payments Interface (UPI) reached a significant milestone by handling 16.58 billion financial transactions in a single month, highlighting its vital role in India's digital revolution.

Finance Ministry data reveals that UPI recorded an impressive transaction value of Rs 23.49 lakh crore in October 2024, with 16.58 billion transactions, marking a 45 percent increase from 11.40 billion transactions in October 2023.