India's Digital Payment Revolution: UPI Achieves 15,547 Crore Transactions Worth Rs 223 Lakh Crore From January-November 2024

The Unified Payments Interface (UPI) has processed 15,547 crore transactions worth Rs 223 lakh crore from January to November 2024, according to the Finance Ministry.

In a post on X (formerly Twitter), the ministry highlighted UPI’s transformative impact on financial transactions in India.

"Driving the Digital Payment revolution, UPI achieved 15,547 crore transactions worth Rs. 223 lakh crore from January to November, 2024, showcasing its transformative impact on financial transactions in India," the ministry said.

UPI is now operational in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, reflecting India's expanding influence in global digital payments.

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has seamlessly integrated multiple bank accounts into a single mobile application, enabling instant fund transfers, merchant payments, and peer-to-peer transactions.

Its flexibility, including features like scheduled payment requests, has redefined the nation’s payment ecosystem.

In October 2024, UPI achieved a record-breaking milestone by processing 16.58 billion transactions worth Rs 23.49 lakh crore in a single month, reflecting a 45 per cent year-on-year growth compared to October 2023, which recorded 11.40 billion transactions.

On the global stage, Prime Minister Modi has been a strong advocate for UPI’s expansion, especially within the BRICS grouping, which recently added six new member states.

This initiative aims to boost cross-border remittance flows, enhance financial inclusion, and elevate India's position in the global financial landscape.

India’s leadership in digital payments is further validated by the 2024 ACI Worldwide Report, which states that India accounts for 49 per cent of global real-time payment transactions as of 2023.

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