UPI achieves document 15,547 crore transactions value Rs 223 lakh crore until November 2024 – India TV

The Ministry of Finance on Saturday launched the newest knowledge on Unified Funds Interface (UPI) marking the document 15,537 crore transactions between January and November this yr. The worth of those transactions stood at Rs 223 lakh crore.

The Finance Ministry posted on X, “Driving the Digital Cost revolution, UPI achieved 15,547 crore transactions value Rs. 223 lakh crore from January to November, 2024, showcasing its transformative affect on monetary transactions in India.” The Fiance Minsitry, by means of its put up, additionally highlighted the acceptance of UPi on the world degree with nations like France, UAE, Singapore, Bhutan, Sri Lanka, Mauritius and Nepal.

The UPI has proved to be revolutionary  in instantaneous cash switch between accounts. It was launched in 2016 by the Nationwide Funds Company of India (NPCI). It has remodeled India’s cost ecosystem. For the fund transfers, funds, peer-to-peer transactions, the UPI acts as a streamlined system. 

Amongst main advantages of the UPI, these which drew customers to it are security, fast switch, simple operation and most significantly faithfulness due to the govt. backing.

Earlier in October 2024, UPI set a brand new document by hitting 16.58 billion transactions value Rs 23.49 lakh crore. The event marked a forty five per cent YoY enhance from 11.40 billion transactions in October 2023, in keeping with Finance Ministry knowledge. 

UPI enabled enlargement of credit score amongst underserved

In line with a research titled Open Banking and Digital Funds: Implications for Credit score Entry, UPI has introduced in a big enlargement of client credit score among the many underserved debtors who had no credit score historical past.

Since its launch in 2016, the Unified Funds Interface (UPI) has remodeled monetary entry in India, enabling 300 million people and 50 million retailers to carry out seamless digital transactions.

With inputs from businesses