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Unified Payments Interface (UPI) has crossed the figure of Rs 223 lakh crore by doing 15,547 crore transactions between January and November 2024. The Finance Ministry said in its report that UPI has not only promoted digital payments in India but has also made its mark at the international level. Currently UPI is operating in seven countries: United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.

Was launched in 2016

UPI was launched by the National Payments Corporation of India (NPCI) in 2016. This digital payment system makes it easy to send and receive money by linking bank accounts into a single mobile app. This system has completely changed the payment system of India. It not only facilitates instant fund transfers but also simplifies merchant payments and peer-to-peer transactions.

New record made in October 2024

UPI set a new record of 16.58 billion transactions in October 2024, taking the total to Rs 23.49 lakh crore. This figure represents an annual increase of 45% compared to 11.40 billion transactions in October 2023. The 632 banks associated with UPI indicate how fast the system is gaining ground in India's payments sector.

Small businesses got big benefits

UPI has provided an effective means of sending and receiving money for small businessmen, street vendors and migrant workers. During the COVID-19 pandemic, demand for UPI surged as people started looking for secure and contactless alternatives to cash. The expansion of UPI in France is an important milestone. This is the first European country to adopt UPI. This will make it easier for Indian consumers and businesses to make and receive payments abroad as well. Prime Minister Narendra Modi has made special efforts for the expansion of UPI in the BRICS group. Six new member countries have been included in it, which will further strengthen India's global financial position.

India leading the world

In 2023, India will contribute 49% of real-time payment transactions globally. According to the ACI Worldwide Report 2024, this figure reflects India's leadership in digital payments innovation. The main reasons for the success of UPI are its strong structure, consumer trust and easy access. UPI has not only led India towards a cashless economy but is also leading digital payments globally.