UPI Transactions in India Hit New Record Nearly 17 Billion This January

The trend of UPI payment is increasing rapidly in India. Not only the city, users in small towns and villages are making UPI payments indiscriminately. Due to this, a new record has been made in UPI transactions in India. For the first time in India, the UPI Transactions figure has crossed 16.99 billion in January. That is, in India, about 1700 crore UPI transactions took place in January. The value of these transactions has been stated to be Rs 23.48 lakh crore. This value is the highest value ever recorded in a month.

FY 2023-24 saw a huge expansion in the field of digital payments. UPI (UPI) has become the foundation stone of India’s digital payment ecosystem. It contributes 80 percent to retail payments across the country. Of data released by the government Under Total transaction volume crossed 131 billion in FY 2023-24. Its value has been stated to be more than Rs 200 lakh crore.

According to the Finance Ministry of India, UPI has become a favorite method of real -time payment for millions of users across the country due to the easy use of UPI, as well as the increasing network of participating banks and Fintech platforms. Talking about January data, more than 80 apps (including bank app and third party application providers), 641 banks are currently live in UPI’s ecosystem.

According to Professor Carlos Montess, Cambridge Business School, other countries should learn from Indian experience for UPI. Montes is on a tour of India to participate and speak in the NXT program in Bharat Mandapam. During this, on Friday, he was informed about the functioning and achievements of the UPI system. Currently UPI is available in more than 7 countries, including the main markets like United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius. Due to which Indians get the facility to pay internationally.