UPI Processes Record Transactions, Expands Global Footprint in 2024
The Unified Payments Interface (UPI) has processed a staggering 15,547 crore transactions worth ₹223 lakh crore from January to November 2024, according to a statement from the Finance Ministry. These figures highlight UPI’s transformative role in revolutionizing India’s financial ecosystem and its growing international presence.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has redefined digital payments by integrating multiple bank accounts into a single mobile platform. It enables instant, secure, and seamless fund transfers, fostering a cashless economy and driving significant adoption among merchants, individuals, and businesses.
The Ministry underscored UPI’s global influence, noting its operations in seven countries: the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. This expansion reflects UPI’s success as a key driver of India’s digital payments revolution, with international markets increasingly adopting the system alongside RuPay.
In October 2024 alone, UPI processed a record 16.58 billion financial transactions, amounting to ₹23.49 lakh crore—a 45% increase compared to the previous year. With 632 banks connected to the platform, UPI has become indispensable for small businesses, street vendors, and migrant workers, enabling greater financial inclusion and efficiency.
UPI’s recent entry into France marked its first step into Europe, further extending its global reach. This move allows Indian consumers and businesses to conduct seamless payments abroad. Additionally, Prime Minister Narendra Modi has championed UPI’s integration within the BRICS grouping to strengthen India’s influence in global financial systems and promote financial inclusion across emerging economies.
India now accounts for nearly 49% of global real-time payment transactions as of 2023, according to the ACI Worldwide Report 2024, underscoring its leadership in digital payment innovation. UPI’s growth is driven not only by its robust technological infrastructure but also by the trust and accessibility it offers users, making it a cornerstone of India’s digital economy and a model for global financial ecosystems.
