New Delhi: India’s Unified Payments Interface (UPI) achieved a new milestone in October 2024, processing a staggering 16.58 billion financial transactions worth ₹23.49 Lakh Crores in a single month, a PIB release announced. This represents a 45% year-on-year increase from October 2023, solidifying UPI’s position as a cornerstone of India’s digital transformation.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has fundamentally changed the way Indians make payments. By integrating multiple bank accounts into a single mobile application, UPI enables users to seamlessly transfer funds, make merchant payments, and conduct peer-to-peer transactions with ease. With 632 banks connected, UPI’s platform dominance in India’s payments landscape is surging, the release noted. This system, with its round-the-clock accessibility and features like single-click payments and virtual addresses, has not only made transactions faster and more secure but has also empowered individuals, small businesses, and merchants across the country.
The widespread adoption of UPI has been instrumental in driving India’s shift towards a cashless economy. Its success is attributed to a number of factors, including its ease of use, security features, and the trust it has instilled among users. The integration of RuPay credit cards with UPI further enhances its utility, allowing users to make payments using their credit lines, the release further elaborated.
The platform is also operational in seven other countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
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