Unified Payments Interface (UPI) transactions exceeded 16.99 billion in January, the greatest volume ever recorded in a single month. The finance ministry reports that digital payments in India have grown rapidly, with total transaction value exceeding ₹23.48 lakh crore.
The fiscal year 2023-24 saw an increase in digital transactions. UPI has stayed in the forefront, accounting for roughly 80% of all retail transactions in the country. In FY24, the total transaction volume exceeded 131 billion, with a total value of ₹200 lakh crore.
UPI’s extensive acceptance is driven by increased participation from banks and fintech companies. More than 80 UPI-enabled apps, including banking and third-party applications, are already operational, with 641 banks actively supporting the system as of January.
In FY24 -25 (until January), Person-to-Merchant (P2M) transactions accounted for 62.35% of the total volume, with 86% of payments under ₹500. This demonstrates the UPI’s growing preference for small-value payments.
Beyond India, UPI is expanding globally, allowing for smooth cross-border payments. UPI is currently available in more than seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, making payment easier for Indian travellers.
