The Unified Payments Interface (UPI) processed a record 16.58 billion financial transactions worth ₹23.49 lakh crore in October 2024, reflecting its transformative impact on India’s economy. Launched by the NPCI in 2016, UPI has simplified digital payments by integrating multiple bank accounts into a single app, enabling seamless and secure transactions.
Key Highlights
- Rapid Growth: 45% YoY increase in transactions from October 2023.
- Features: 24/7 accessibility, QR code integration, and enhanced privacy.
- Global Reach: Operational in seven countries, including France and Singapore.
UPI’s success underscores India’s leadership in real-time payments, driving financial inclusion and setting global benchmarks.
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