UPI data over 15,000 crore transactions from January to November 2024

NEW DELHI: The Ministry of Finance on Saturday revealed that the Unified Funds Interface (UPI) accomplished 15,547 crore transactions between January and November 2024. These transactions amounting to Rs 223 lakh crore mirror UPI’s transformative influence on monetary transactions throughout India.
UPI is driving a world revolution, not solely increasing throughout worldwide markets but in addition positioning India as a world chief in digital funds. In a submit on the social media platform X, the ministry additional revealed that UPI is now accepted in seven international locations, together with France, Sri Lanka, the UAE, Mauritius, Singapore, Nepal, and Bhutan.
The Nationwide Funds Company of India (NPCI) reported a forty five per cent improve in UPI fee quantity, reaching 16.6 billion transactions in October, in comparison with the identical month final 12 months. This improve resulted in a document complete transaction worth, rising 37 per cent to Rs 23.5 lakh crore ($279.6 billion). The typical every day transaction rely stood at 535 million, with the common every day transaction worth at Rs75,801 crore.
Since its introduction in 2016 by the NPCI, UPI has revolutionized India’s fee ecosystem. By integrating a number of financial institution accounts right into a single cell utility, it has made transactions, service provider funds, and peer-to-peer transactions easy.
Its progressive options, reminiscent of the flexibility to schedule fee requests, have additional enhanced person comfort, solidifying UPI’s position as a key driver of India’s digital fee transformation.
In keeping with a press launch from the Reserve Financial institution of India, the ACI Worldwide Report 2024 reveals that India accounts for roughly 49 per cent of worldwide real-time fee transactions as of 2023, additional solidifying its management in digital fee innovation.
With UPI’s increasing panorama and the rise in digital transactions, India is establishing new world requirements for monetary inclusion and financial empowerment.
“As UPI continues to develop globally, it’s setting new requirements for digital funds, empowering residents, enhancing financial alternatives, and contributing to India’s rising affect within the world monetary enviornment,” the RBI assertion added.