UPI Achieves 15,547 Crore Transactions Price Rs 223 Lakh Crore From January To November | Economic system Information
New Delhi: The Unified Funds Interface (UPI) has achieved 15,547 crore transactions price Rs 223 lakh crore from January to November this yr, the Finance Ministry mentioned on Saturday.
The ministry, in a social media publish on X, said that the UPI transaction figures showcase its transformative impression on monetary transactions in India.With a social media hashtag, FinMinYearReview2024, on X, the ministry highlighted the importance of UPI, which is getting prominence in nations throughout the globe.
India’s digital funds revolution is gaining worldwide momentum, with each UPI and RuPay increasing quickly throughout borders. At present, UPI is operational in seven nations, together with key markets just like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.UPI is a digital fee system that permits customers to make instantaneous cash transfers between financial institution accounts.
Launched in 2016 by the Nationwide Funds Company of India (NPCI), UPI has revolutionised the nation’s fee ecosystem by integrating a number of financial institution accounts right into a single cell utility.
This technique allows seamless fund transfers, service provider funds, and peer-to-peer transactions, providing customers flexibility by scheduled fee requests.UPI has not solely made monetary transactions quick, safe, and easy, but it surely has additionally empowered people, small companies, and retailers, driving the nation’s shift towards a cashless financial system.
In October 2024, the Unified Funds Interface (UPI) achieved a historic milestone by processing 16.58 billion monetary transactions in a single month, underscoring its pivotal function in India’s digital transformation.
UPI processed a formidable Rs 23.49 lakh crores throughout 16.58 billion monetary transactions in October 2024, marking a forty five % year-on-year progress from 11.40 billion transactions in October 2023, as per the Ministry of Finance figures.With 632 banks linked to its platform, this surge in utilization highlights UPI’s increasing dominance in India’s fee panorama.
UPI has had a profound impression on small companies, road distributors, and migrant employees, providing them a simple and environment friendly strategy to switch cash and obtain funds. Its adoption was notably accelerated in the course of the Covid-19 pandemic, as individuals sought safer, contactless alternate options to money transactions.
UPI’s success, nevertheless, extends past the power of its infrastructure; it additionally stems from the behavioural shift it has impressed, the place belief within the system and its accessibility have been key elements in driving widespread use.UPI’s entry into France is especially important, marking its first foray into Europe.
This growth allows Indian shoppers and companies to make and obtain funds seamlessly, even whereas residing or travelling overseas.As a part of its world outreach, Prime Minister Modi has actively pitched for UPI’s growth inside the BRICS grouping, which now consists of six new member states.
This initiative is predicted to additional bolster remittance flows, enhance monetary inclusion, and improve India’s stature within the world monetary panorama.In response to the ACI Worldwide Report 2024 cited by the Finance Ministry, India now accounts for round 49 % of worldwide real-time fee transactions as of 2023, underscoring India’s management in digital fee innovation.
