New Delhi: The Unified Payments Interface (UPI) completed transactions of Rs 15,547 crore between January and November 2024, the finance ministry revealed on Saturday. Influence.
UPI is driving a global revolution, not only expanding in international markets but also positioning India as a global leader digital payment. A post by the ministry on social media platform
this National Payments Corporation of India The NCI reported that UPI payment volume increased by 45% in October compared to the same month last year, reaching 16.6 billion transactions. This growth led to a record high in total transaction value, up 37% to 23.5 billion rupees ($279.6 billion). The average daily number of transactions was 535 million, and the average daily transaction value was 758.01 billion rupees.
Since the launch of NPCI in 2016, UPI has revolutionized the payments ecosystem in India. By integrating multiple bank accounts into one mobile app, it makes transactions, merchant payments, and peer-to-peer transactions effortless.
Its innovative features, such as the ability to schedule payment requests, further enhance user convenience and cement UPI’s role as a key driver of India’s digital payments transformation.
According to a press release from the Reserve Bank of India, the ACI Global Report 2024 shows that India accounts for approximately 49% of the global Instant payment transactions In 2023, it will further consolidate its leadership position in the field of digital payment innovation.
As UPI expands and digital transactions take off, India is setting new global standards Inclusive finance and economic empowerment.
The RBI statement added: “As UPI continues to expand globally, it is setting new standards for digital payments, empowering citizens, increasing economic opportunities and contributing to India’s growing influence in global finance. “
