logo
India tops global fast payments with UPI processing 18 billion transactions monthly

India tops global fast payments with UPI processing 18 billion transactions monthly

Time of India6 days ago
India has emerged as the global leader in fast payments, according to a recent note by the International Monetary Fund titled Growing Retail Digital Payments: The Value of Interoperability.
At the heart of this transformation is the
Unified Payments Interface
, better known as UPI. Launched in 2016 by the National Payments Corporation of India,
UPI
has changed how people send and receive money in the country.
Explore courses from Top Institutes in
Select a Course Category
Digital Marketing
Management
CXO
Data Science
others
Finance
Design Thinking
Public Policy
Degree
Technology
PGDM
MBA
Data Science
Healthcare
Product Management
Cybersecurity
Leadership
Artificial Intelligence
Data Analytics
MCA
Others
healthcare
Project Management
Skills you'll gain:
Digital Marketing Strategies
Customer Journey Mapping
Paid Advertising Campaign Management
Emerging Technologies in Digital Marketing
Duration:
12 Weeks
Indian School of Business
Digital Marketing and Analytics
Starts on
May 14, 2024
Get Details
Skills you'll gain:
Digital Marketing Strategy
Search Engine Optimization (SEO) & Content Marketing
Social Media Marketing & Advertising
Data Analytics & Measurement
Duration:
24 Weeks
Indian School of Business
Professional Certificate Programme in Digital Marketing
Starts on
Jun 26, 2024
Get Details
It brings all your bank accounts together in one mobile app. One can transfer money instantly, pay merchants, or send funds to friends with just a few taps. Its appeal lies in its speed and ease of use.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Play War Thunder now for free
War Thunder
Play Now
Undo
Today, UPI processes over 18 billion transactions every month in India.
"This shift has taken India away from cash and card-based payments and pushed it towards a digital-first economy. Millions of individuals and small businesses now rely on UPI for safe and low-cost transactions. By making payments quick and accessible, UPI has become a powerful tool for
financial inclusion
," Press Information Bureau (PIB) said in its backgrounders series on Sunday.
Live Events
The scale of UPI today is remarkable.
In June alone, it handled over Rs 24.03 lakh crore in payments. This was spread across 18.39 billion transactions. Compared to the same month last year, when there were 13.88 billion transactions, the growth is clear. There is an increase of about 32 per cent in just one year.
The UPI system now serves 491 million individuals and 65 million merchants. It connects 675 banks on a single platform, allowing people to make payments easily without worrying about which bank they use.
Today, UPI accounts for 85 per cent of all digital transactions in India. Its impact goes beyond national borders, powering nearly 50 per cent of global
real-time digital payments
.
"These figures show more than just numbers. They reflect trust, convenience and speed. Every month, more individuals and businesses choose UPI for their payments. This growing use is a strong sign that India is moving steadily towards a cashless economy," the PIB report read.
The success story does not stop at home.
UPI is making its presence felt across borders. It is already live in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its entry into France is a milestone because it is UPI's first step into Europe. This allows Indians travelling or living there to pay seamlessly without the usual hassles of foreign transactions.
According to the PIB backgrounder, India is also pushing for UPI to become a standard within the BRICS group, which now has six new member nations.
"If this happens, it will improve remittances, boost financial inclusion and raise India's profile as a global tech leader in digital payments," it said.
UPI's rise as the world's leading real-time payment system was not an accident. It is the result of years of planning and investment in digital infrastructure.
Financial inclusion was the first big step. The Jan Dhan scheme opened bank accounts for millions who had never used formal banking before. As of July 9, over 55.83 crore accounts have been created. These accounts give people direct access to government benefits and a safe place to save money.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

UP offers subsidy on seeds, training to farmers to promote sesame cultivation
UP offers subsidy on seeds, training to farmers to promote sesame cultivation

Time of India

time29 minutes ago

  • Time of India

UP offers subsidy on seeds, training to farmers to promote sesame cultivation

Lucknow: The state govt said on Friday that it was actively promoting sesame (til) cultivation across the state. "By offering subsidies on seeds and providing scientific training to farmers, the govt aims to reduce cultivation costs while boosting productivity," a state govt spokesperson said. Sesame is cultivated on approximately 5 lakh hectares of land in the state during the Kharif season. Recognising its potential in low-rainfall areas and non-waterlogged lands, the agriculture department has intensified efforts to encourage farmers to take up sesame farming. Due to its low input cost and high market value, sesame offers a good profit margin per unit area, making it an ideal crop for rain-fed regions. To ease the financial burden on farmers, the department is providing a subsidy at the rate of Rs 95 per kilogram on certified sesame seeds. Key varieties being promoted include RT-346, RT-351, Gujarat Til-6, RT-372, MT-2013-3, and BUAT Til-1. The agriculture department is also training farmers in scientific techniques to enhance yield and improve quality. The minimum support price (MSP) for sesame was set at Rs 9,846 per quintal, ensuring a fair return to the cultivators. The department said that unused patches of farmland can be used for sesame cultivation using micro-irrigation methods, giving farmers an extra source of income.

‘UP RERA issued 5,700 RCs since 2017, recovered Rs 1,410 crore'
‘UP RERA issued 5,700 RCs since 2017, recovered Rs 1,410 crore'

Time of India

time29 minutes ago

  • Time of India

‘UP RERA issued 5,700 RCs since 2017, recovered Rs 1,410 crore'

Lucknow: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has recovered Rs 1,410 crore against 5,700 recovery certificates issued since it started functioning in 2017, according to chairman Sanjay Bhoosreddy. Additionally, around 1,650 recovery certificates were mutually settled between promoters and allottees. UP RERA also facilitated resolution in 8,500 cases involving refunds and possession, valued at Rs 3,320 crore, through execution proceedings and conciliation forums in Lucknow and Greater Noida. In total, claims worth Rs 5,180 crore from 15,850 allottee-complainants have been discharged—either through recovery, mutual settlement, enforcement proceedings, or conciliation. The authority continues to play a pivotal role in safeguarding homebuyers' interests and ensuring accountability in the real estate sector.

DM to receive award for Bahraich's performance as aspirational district
DM to receive award for Bahraich's performance as aspirational district

Time of India

time29 minutes ago

  • Time of India

DM to receive award for Bahraich's performance as aspirational district

Bahraich: To recognise the success achieved by Bahraich, an aspirational district, in governance and development, district magistrate Monika Rani will receive silver medal during 'Sampoornta Abhiyan Samman Samaroh' to be held in Lucknow between July 28 and Aug 2. The district has recorded 100% achievement in five key indicators under aspirational district and aspirational block programmes. Separate awards will be given for achievements at the district and block levels during the event. The five indicators in which Bahraich district and Huzoorpur block achieved full saturation include ANC (antenatal care) registration in the first trimester of pregnancy, screening for hypertension and diabetes among individuals aged 30 and above, regular receipt of supplementary nutrition by women through anganwadi centres and distribution of soil health cards. NITI Aayog had set targets for full saturation in five indicators under the Sampoornata Abhiyan from July to Sep 2024. These indicators span key areas such as health and nutrition, education, agriculture and water resources, financial inclusion, skill development, and infrastructure. Addressing a meeting at Vikas Bhawan auditorium, DM Monika Rani said that the milestone brought honour to Bahraich and added that frontline workers, including agricultural assistants, education volunteers, ASHAs, ANMs, Anganwadi workers, and members of self-help groups would also be felicitated at the event. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What Happens To Celebrities That Go To Jail? Undo She asked the officials concerned to ensure all preparations for the event are completed in advance for smooth and successful celebration. In addition to awards ceremony, the newly constructed auditorium in Kapoorthala will also be inaugurated. As part of the Government of India's 'Vocal for Local' initiative by NITI Aayog, a week-long 'Aakanksha Haat' will be organized at the district level to showcase and promote products and handicrafts of local artisans.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store