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The Unified Payments Interface (UPI) has achieved a significant milestone, handling 15,547 crore transactions valued at Rs 223 lakh crore from January to November 2024, as reported by the Finance Ministry. The ministry disclosed the numbers in a post on social media platform X. In the post, the ministry said, “Driving the 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.” Using the hashtag #FinMinYearReview2024, the ministry highlighted the increasing importance of UPI, which is becoming acknowledged globally. At present, UPI functions in seven nations, featuring key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, highlighting India’s growing digital payment presence.

India is the pioneer in launching UPI (Unified Payments Interface) at a national level. It transformed digital payments by enabling real-time transactions between individuals and merchants through mobile devices. It was initially launched in 2015 by the National Payments Corporation of India (NPCI), a governmental organization, with the support of the Reserve Bank of India (RBI). The idea was launched by a group led by Nandan Nilekani, the prior CEO of Infosys and chairman of the Unique Identification Authority of India (UIDAI). This committee suggested establishing a strong digital payments framework, which ultimately resulted in the creation of UPI.

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