Finance Ministry says UPI records 15,547 crore transactions worth ₹223 lakh crore in 11 months

The Union Finance Ministry said on Saturday the Unified Payments Interface (UPI) has achieved 15,547 crore transactions worth ₹223 lakh crore from January to November this year.

In a social media post on X, the ministry said that the UPI transaction figures showcase its transformative impact on financial transactions in India.

It also highlighted the significance of UPI, which is getting prominence in countries across the globe.

UPI is a digital payment system that allows users to make instant money transfers between bank accounts.

India’s digital payments revolution is gaining international momentum, with both UPI and RuPay expanding rapidly across borders. Currently, UPI is operational in seven countries, including key markets like the 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 enables Indian consumers and businesses to make and receive payments seamlessly, even while living or travelling abroad.

In October 2024, the UPI achieved a historic milestone by processing 16.58 billion financial transactions in a single month.

According to the finance ministry data, UPI processed an impressive ₹23.49 lakh crores across 16.58 billion financial transactions in October 2024, marking a 45 percent year-on-year growth from 11.40 billion transactions in October 2023.

With 632 banks connected to its platform, this surge in usage highlights UPI’s expanding dominance in India’s payment landscape.

According to the ACI Worldwide Report 2024 cited by the Finance Ministry, India now accounts for around 49 percent of global real-time payment transactions as of 2023, underscoring India’s leadership in digital payment innovation.

As part of its global outreach, Prime Minister Modi has actively pitched for UPI’s expansion within the BRICS grouping, which now includes six new member states. This initiative is expected to further bolster remittance flows, improve financial inclusion, and enhance India’s stature in the global financial landscape.