Introduction In October 2024, Unified Payments Interface achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India’s digital transformation. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the nation’s payment ecosystem …
UPI transactions grew from ₹ 1 lakh crore in FY 2017-18 to ₹ 139 lakh crore in FY 2022-23 in value, at a CAGR of 168% Year-on-Year growth in the value of bank notes in circulation decreases from 9.9% in FY 2021-22 to 7.8% in FY …
The Economic Survey 2023 observed that the Unified Payments Interface touches its highest-ever mark with 782 crore transactions worth ₹12.8 lakh crore. Also stated that it was a game changer in Real-time payments. According to a report, growth in UPI-based transactions has increased by 11% and …
