UPI Sets Record with 15,547 Crore Transactions in 2024, Expanding Globally

byPriyanka JuyalLast Updated: December 16, 2024
Synopsis:
  • UPI processed 15,547 crore transactions worth Rs 223 lakh crore between January and November 2024.
  • UPI’s global expansion now includes seven countries: France, Sri Lanka, UAE, Mauritius, Singapore, Nepal, and Bhutan.
  • In October 2024, UPI recorded a 45% increase in transaction volume, totaling 16.6 billion transactions.
  • India accounts for nearly 49% of global real-time payment transactions, setting new global standards in digital payments.
  • UPI’s innovation continues to drive India’s financial inclusion and economic growth, enhancing its global influence.

On Saturday, the Ministry of Finance revealed that the Unified Payments Interface (UPI) has completed an amazing 15,547 crore transactions in 2024, totaling Rs 223 lakh crore. This shows how UPI is changing the way financial transactions are done in India.

Not only is UPI becoming a household name in India, but it is also expanding globally. UPI is now accepted in seven countries, including France, Sri Lanka, the UAE, Mauritius, Singapore, Nepal, and Bhutan. This global reach further establishes India as a leader in digital payments.

According to the National Payments Corporation of India (NPCI), UPI saw a 45% increase in transaction volume in October 2024, reaching 16.6 billion transactions. This resulted in a record total transaction value of Rs 23.5 lakh crore ($279.6 billion), a 37% rise from the previous year. On average, UPI processed 535 million transactions per day, with a daily transaction value of Rs 75,801 crore.

Recap: UPI Transactions Soar: ₹20.64 Trillion in July, 45% Yearly Growth

Since it was introduced in 2016, UPI has made it easier for people to make payments by linking multiple bank accounts into one app. Features like scheduling payments have made UPI even more convenient, helping to drive India’s digital payment growth.

A report by the Reserve Bank of India highlights India’s growing leadership in digital payments. As of 2023, India accounted for nearly 49% of all real-time payment transactions worldwide. This is a clear sign that India is setting the pace for digital payments globally.

With UPI continuing to expand and digital payments becoming more popular, India is creating new opportunities for financial inclusion and strengthening its position in the global financial scene. The Reserve Bank of India concluded, “As UPI continues to expand  globally, it is setting new standards for digital payments, empowering citizens, enhancing economic opportunities, and contributing to India’s increasing influence in the global finance arena.”

Disclaimer: The information provided in this article is for informational purposes only and does not constitute professional advice or an endorsement of any particular product or service. While we make every effort to ensure the accuracy of the details shared, the content is based on publicly available information and reliable sources. Readers are encouraged to verify the details independently and consult with a professional advisor before making any decisions. Please exercise caution and stay informed when making any decisions.

Priyanka Juyal- a Writer with a curious mind & vision to create the best out of words. Other times, see her playing the guitar, sketching or narrating folk tales!

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