UPI Records Over 15,500 Cr Transactions in 2024, Strengthening India’s Digital Payments Revolution

The Unified Payments Interface (UPI) has processed an impressive 15,547 crore transactions worth Rs 223 lakh crore from January to November this year, according to a statement from the Finance Ministry on Saturday. The figures underscore UPI's transformative impact on India's financial ecosystem.

In a post on X, the Ministry highlighted UPI's growing prominence globally, noting that the system is operational in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. UPI has become a key player in India's digital payments revolution, which is gaining international traction, with both UPI and RuPay rapidly expanding across borders.

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has integrated multiple bank accounts into a single mobile platform, enabling instant, secure, and effortless fund transfers. The system has revolutionized merchant payments, peer-to-peer transactions, and scheduled payment requests, fostering a shift towards a cashless economy.

UPI’s success is especially evident in its performance in October 2024, when it processed a historic 16.58 billion financial transactions, totalling Rs 23.49 lakh crore. This marks a 45% year-on-year growth, highlighting the increasing dominance of UPI in India’s payment landscape. With 632 banks connected to the platform, UPI has become a crucial tool for small businesses, street vendors, and migrant workers.

UPI’s global expansion continues to gain momentum, with its recent entry into France marking its first foray into Europe. This expansion enables Indian consumers and businesses to seamlessly make and receive payments while abroad. Prime Minister Modi has also advocated for UPI’s expansion within the BRICS grouping, aiming to enhance financial inclusion and strengthen India’s position in the global financial landscape.

India now accounts for nearly 49% of global real-time payment transactions as of 2023, further cementing its leadership in digital payment innovation, according to the ACI Worldwide Report 2024. UPI’s success is not just rooted in its technological infrastructure but also in the trust and accessibility it has built among users, contributing to its widespread adoption.