UPI Hits Milestone in October 2024, Processing ₹23.49 Lakh Crores in Transactions

GG News Bureau
New Delhi, 2nd Dec. India’s Unified Payments Interface (UPI) reached a new milestone in October 2024, processing 16.58 billion transactions worth ₹23.49 Lakh Crores, a 45% year-on-year increase from October 2023.

According to a PIB release, UPI’s dominance in India’s digital payments sector continues to grow, cementing its role as a key driver in the country’s digital transformation.

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI integrates multiple bank accounts into a single mobile application, allowing users to effortlessly transfer funds, pay merchants, and conduct peer-to-peer transactions.

With 632 banks connected to the platform, UPI’s accessibility and user-friendly features like single-click payments and virtual addresses have made it the preferred payment method for millions of Indians. It has been pivotal in the shift towards a cashless economy, fostering financial inclusion. The integration of RuPay credit cards further enhances its utility, allowing users to pay using their credit lines.

UPI has expanded its reach beyond India and is operational in seven other countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.