UPI Transactions Stand At Whopping Rs 23.5 Lakh Crore In October 2024, Beats Previous Year's Record

The Ministry of Finance stated on Sunday that the Unified Payments Interface (UPI) has transformed digital payments in India, with a record 1,658 crore financial transactions processed in October, amounting to Rs 23.5 lakh crore. This marks a 45 per cent increase compared to the same period last year.

Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionised the country's payment ecosystem by integrating multiple bank accounts into a single mobile application, according to an official statement.

The ministry further explained that UPI facilitates seamless fund transfers, merchant payments, and peer-to-peer transactions, providing users with flexibility through scheduled payment requests.

"UPI has not only made financial transactions fast, secure, and effortless, but it has also empowered individuals, small businesses, and merchants, driving the country's shift towards a cashless economy. This remarkable achievement highlights India's commitment to leveraging technology for inclusive growth and economic progress," the ministry wrote.

The finance ministry outlined 10 key features that make the UPI unique:

1. Round-the-Clock Accessibility: UPI enables instant money transfers using mobile devices, available 24/7 throughout the year.

2. Unified Banking Access: UPI allows users to access multiple bank accounts through a single mobile app.

3. Seamless and Secure Payments: UPI offers single-click, two-factor authentication to ensure regulatory compliance and secure transactions.

4. Enhanced Privacy: UPI uses virtual addresses for transactions, eliminating the need to share sensitive information like account numbers or IFSC codes.

5. QR Code Integration: UPI facilitates easy payments via QR code scanning, enabling quick and secure transactions.

6. Cash-On-Delivery Alternative: UPI replaces cash payments with seamless digital alternatives during deliveries.

7. Merchant and In-App Payments: UPI supports payments for merchants through a single app or directly within other apps.

8. Diverse Payment Options: UPI accommodates utility bill payments, ITT transactions, and scan-and-pay features.

9. Flexibility in Transactions: UPI facilitates financial activities such as donations, disbursements, and collections.

10. Customer Support: Users can raise complaints directly from the mobile app.

Overall, the ministry emphasised, "UPI has revolutionised the way India conducts financial transactions."

The UPI has also established India as a global leader in digital payments.

"By offering a seamless, secure, and accessible platform for both individuals and businesses, UPI has played a pivotal role in promoting financial inclusion and accelerating the nation's shift towards a cashless economy," said the ministry.

The remarkable growth of UPI, both in terms of transaction volumes and geographical reach, underscores its transformative impact on the financial landscape.

"As UPI continues to expand globally, it is setting new standards for digital payments, empowering citizens, enhancing economic opportunities, and contributing to India's increasing influence in the global financial arena," the ministry concluded.