Economy - Reports
UPI achieves a historic milestone by processing 16.58 billion financial transactions in October As on : 02-Dec-24  11:22

In October 2024, Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India's digital transformation, the Ministry of Finance stated. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the nation's payment ecosystem by integrating multiple bank accounts into a single mobile application. UPI processed an impressive ₹23.49 Lakh Crores across 16.58 billion financial transactions in October 2024, marking a 45% year-on-year growth from 11.40 billion transactions in October 2023, the ministry noted. With 632 banks connected to its platform, this surge in usage highlights UPI's expanding dominance in India's payment landscape. As more individuals and businesses embrace the convenience and security of digital transactions, the increasing volume and value of transactions underscore UPI's pivotal role in advancing the country's shift toward a cashless economy.

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