“With 49% of global real-time payment transactions, UPI solidifies India’s leadership in digital payments and expands its presence to seven international markets.”
New Delhi, December 14: The Unified Payments Interface (UPI) has recorded 15,547 crore transactions worth ₹223 lakh crore from January to November 2024, highlighting its transformative impact on financial transactions in India, the Finance Ministry announced on Saturday.
In a social media post on X under the hashtag #FinMinYearReview2024, the ministry emphasized UPI’s pivotal role in revolutionizing India’s payment ecosystem while gaining global recognition. UPI, launched in 2016 by the National Payments Corporation of India (NPCI), has become a cornerstone of India’s digital payments landscape, enabling seamless fund transfers, merchant payments, and peer-to-peer transactions.
UPI’s Milestones and Global Reach
In October 2024, UPI achieved a record-breaking milestone by processing 16.58 billion transactions worth ₹23.49 lakh crore, marking a 45% year-on-year growth compared to October 2023. With 632 banks integrated into the platform, UPI’s dominance in India’s payment ecosystem continues to expand.
Beyond domestic success, UPI has made significant strides internationally, operating in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, Mauritius, and France. Its entry into France marks its first expansion into Europe, enabling seamless cross-border payments for Indian consumers and businesses.
Prime Minister Narendra Modi has actively championed UPI’s global outreach, particularly within the BRICS bloc, which recently expanded to include six new member states. This initiative aims to boost remittance flows, enhance financial inclusion, and strengthen India’s position in the global financial landscape.
Driving Financial Inclusion and Digital Transformation
UPI has profoundly impacted small businesses, street vendors, and migrant workers by providing an efficient, secure, and contactless alternative to cash transactions. Its adoption surged during the Covid-19 pandemic, fostering a behavioural shift toward digital payments.
India’s leadership in real-time payment systems is further underscored by the ACI Worldwide Report 2024, which reveals that the country now accounts for 49% of global real-time payment transactions as of 2023.
The Finance Ministry credited UPI’s success to its robust infrastructure, accessibility, and the trust it has inspired among users. With its rapid growth and global reach, UPI continues to transform financial systems, positioning India as a global leader in digital payment innovation.
