The Unified Payments Interface (UPI) has achieved a remarkable milestone by processing 15,547 crore transactions worth ₹223 lakh crore from January to November 2024, according to data shared by the Union Finance Ministry.
In a social media post on X with the hashtag #FinMinYearReview2024, the ministry highlighted UPI’s transformative impact on India’s financial ecosystem, underscoring its growing prominence globally.
Driving the #DigitalPayment 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.
⁰#FinMinYearReview2024⁰#BankingInitiatives⁰#ViksitBharat pic.twitter.com/Bkbag6542k— Ministry of Finance (@FinMinIndia) December 14, 2024
Currently, UPI operates in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, reflecting India’s expanding digital payments footprint.
About UPI
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the payments landscape by enabling instant money transfers, merchant payments, and peer-to-peer transactions through a single mobile platform. With 632 banks connected to its network, UPI has become a key driver of India’s transition toward a cashless economy.
The ministry also highlighted UPI’s performance in October 2024, when it processed a record-breaking 16.58 billion transactions worth ₹23.49 lakh crore. This represents a 45% year-on-year growth from October 2023, when 11.40 billion transactions were recorded.
India’s dominance in the global digital payments space is evident, with the country accounting for nearly 49% of real-time payment transactions globally, according to the ACI Worldwide Report 2024. Prime Minister Narendra Modi has also championed UPI’s expansion in global forums such as BRICS, further boosting its international adoption.
UPI’s international presence continues to grow, with its entry into France marking its first foray into Europe. This enables Indian consumers and businesses to conduct seamless transactions abroad, strengthening remittance flows and financial inclusion.
