The Union Finance Ministry on Saturday announced that the Unified Payments Interface (UPI) has achieved transactions worth 15,547 crore. INR223 million yen from January to November this year.
In a social media post on X, the ministry said UPI transaction statistics show it is having a transformative impact on financial transactions in India.
He also emphasized the importance of UPI, which is gaining attention in countries around the world.
UPI is a digital payment system that allows users to instantly transfer money between bank accounts.
India’s digital payments revolution is gaining momentum internationally, with both UPI and RuPay rapidly expanding across borders. Currently, UPI operates in seven countries including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.
UPI’s entry into France is particularly significant, marking its first foray into Europe. This expansion will enable Indian consumers and businesses to seamlessly make and receive payments even if they live or travel abroad.
In October 2024, UPI achieved a historic milestone of processing 16.58 billion financial transactions in a single month.
According to data from the Ministry of Finance, UPI has done an impressive job. INRThe number of financial transactions in October 2024 was 16.58 billion with a value of $23.49 billion, an increase of 45% year-on-year from 11.4 billion transactions in October 2023.
With 632 banks connected to its platform, this surge in usage highlights UPI’s growing dominance in India’s payments landscape.
According to the ACI Worldwide Report 2024 cited by the Ministry of Finance, India will account for approximately 49% of global real-time payment transactions in 2023, confirming India’s leadership in digital payments innovation.
As part of his global efforts, Prime Minister Modi has actively proposed the expansion of UPI within the BRICS group, which now includes six new member states. This initiative is expected to further strengthen remittance flows, improve financial inclusion and enhance India’s position in the global financial landscape.
