Synopsis
New Delhi, Feb 28 (NationPress) For the first time, UPI transactions in January reached over 16.99 billion with a total value of Rs 23.48 lakh crore, setting a new record, according to recent government statistics.Key Takeaways
- UPI transactions exceeded 16.99 billion in January.
- Total transaction value surpassed Rs 23.48 lakh crore.
- UPI accounts for 80% of India's retail payments.
- Over 80 UPI apps and 641 banks are active.
- UPI is operational in 7 countries for international payments.
New Delhi, Feb 28 (NationPress) In a groundbreaking achievement, UPI transactions in January have exceeded 16.99 billion, with a total value surpassing Rs 23.48 lakh crore. This marks the highest monthly total recorded, according to the latest data from the government.
For the fiscal year 2023-24, the digital payments sector has shown extraordinary growth. UPI serves as the backbone of India's digital payment framework, accounting for 80% of retail payments nationwide.
The annual transaction count has topped 131 billion, with the overall value exceeding Rs 200 lakh crore for FY 2023-24.
Its user-friendly interface, along with an expanding network of participating banks and fintech platforms, has established UPI as the preferred choice for real-time payments among millions of users across the nation, as noted by the Ministry of Finance.
As of January, more than 80 UPI apps (including bank apps and third-party application providers) and 641 banks are operational within the UPI ecosystem.
In FY24-25 (up to January), P2M transactions accounted for 62.35%, while P2P transactions made up 37.65% of the total UPI volume.
In January 2025, P2M transactions reached 62.35%, with 86% of these transactions being valued at Rs 500 or less, indicating the trust UPI has gained among users for low-value payments, as stated by the Ministry.
According to Professor Carlos Montes from Cambridge Business School, UPI serves as a model for other nations to emulate based on India's experience.
Montes, visiting India to participate in the NXT event at Bharat Mandapam on Friday, received a comprehensive overview of UPI’s operations and accomplishments.
A detailed presentation on UPI's functionality, success, and trends was shared with Montes.
Globally, UPI is expanding rapidly, facilitating smooth cross-border transactions for Indians traveling overseas. Currently, UPI is operational in over 7 countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, enabling Indians to make international payments.
