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Key Points

India's Unified Payments Interface (UPI) has achieved a groundbreaking milestone with 16.99 billion transactions in January 2024. The digital payment ecosystem continues to demonstrate remarkable growth, capturing 80% of retail payments across the country. UPI's user-friendly interface and extensive bank network have made it the preferred payment method for millions of Indians. The system's success is now attracting international attention, with experts like Professor Carlos Montes recognizing its potential as a global financial innovation model.

Key Points: UPI Hits Record 16.99 Billion Transactions in January Surge

  • UPI dominates 80% of retail payments nationwide
  • Transactions exceed 131 billion in fiscal year
  • Over 80 UPI apps actively operating
  • International expansion across 7 countries
2 min read

UPI transactions surpass record 16.99 billion in Jan, value exceeds Rs 23.48 lakh crore

India's digital payments breakthrough: UPI transactions hit unprecedented 16.99 billion in January, showcasing massive financial technology transformation

UPI transactions surpass record 16.99 billion in Jan, value exceeds Rs 23.48 lakh crore
"UPI provides an opportunity to other countries to learn from the Indian experience - Professor Carlos Montes, Cambridge Business School"

New Delhi, Feb 28

For the first time, UPI transactions in the month of January surpassed 16.99 billion and the value exceeded Rs 23.48 lakh crore, marking the highest number recorded in any month, according to the latest government data.

For FY 2023-24, the digital payments landscape has demonstrated remarkable expansion. UPI remains the cornerstone of India's digital payment ecosystem contributing to 80 per cent of the retail payments across the country.

The total transaction volume exceeded 131 billion and the value exceeded Rs 200 lakh crore for the FY 2023-24.

Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country, according to the Ministry of Finance.

As of January, more than 80 UPI apps (bank apps and third-party application providers), 641 banks are currently live on UPI ecosystem.

In FY24-25 (till January), the P2M transactions contribute 62.35 per cent and P2P transactions contribute 37.65 per cent of the overall UPI volume.

The contribution of P2M transactions reached 62.35 per cent in January 2025 where 86 per cent of these transactions are upto a value of Rs 500.

This indicates the trust that UPI enjoys among citizens for making low value payments, said the Ministry.

According to Professor Carlos Montes from Cambridge Business School, UPI provides an opportunity to other countries to learn from the Indian experience.

Montes, who is on a tour to India for attending and speaking at the NXT event at the Bharat Mandapam on Friday, was briefed about the working and achievements of UPI system.

A presentation on UPI was given to Montes about the functioning, success and trends of UPI in India.

UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, allowing Indians to make payments internationally.

- IANS

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