India tops global fast payments with UPI processing 18 billion transactions monthly
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
10 minutes ago
- New Indian Express
Alleging irregularities in flower market leasing, AIADMK councillors walk out of Salem corpn meeting
SALEM: Alleging irregularities in the leasing process of the VOC Flower Market complex, AIADMK councillors led by party's leader of opposition in the council N Yadavamoorthy walked out of the Salem City Municipal Corporation's monthly council meeting, on Friday. The meeting was chaired by Mayor A Ramachandran, along with Deputy Mayor M Saradha Devi and Salem City Corporation Commissioner M Elangovan. The AIADMK councillors strongly opposed the corporation's move to lease the flower market shops directly to vendors. The complex, developed under the Smart City project under the AIADMK regime, was originally leased to a private party. After the private party withdrew from the contract, the corporation invited fresh tenders and decided to handle the leasing by itself. AIADMK councillors said the corporation is now demanding advance payments of up to Rs 8 lakh and monthly rents of up to Rs 20,000 from vendors. They argued that such high costs would be unaffordable for small flower sellers who have been operating at the market for decades.
NDTV
10 minutes ago
- NDTV
New TVS Ntorq 125 Captain America Edition Launched In India At Rs 98,117
TVS Motor has expanded the line of Super Squad Edition models with the launch of the Ntorq 125, featuring design inspired by Marvel's Captain America. This iteration of the two-wheeler has been launched at a starting price of Rs 98,117 (ex-showroom). It is worth noting that the Super Squad Edition two-wheelers of the brand feature designs inspired by Marvel superheroes. In the series, this is the second version with a Captain America inspired design. Diving into details, the TVS Ntorq 125 Super Squad Edition features a design completely different compared to the older version introduced back in 2020. In this iteration, the scooter gets camo-style graphics with design cues inspired by the superhero. With this special treatment, the brand aims to attract young consumers. There are other versions available in the market as well, which feature Thor, Spider-Man, Black Panther, and Iron Man. Also Read: New Hero Glamour 125 Spied With New Cluster, Cruise Control In terms of mechanics, the TVS Ntorq 125 Super Squad remains the same as the standard model. It seeks power from a 124.8 cc, air-cooled engine that delivers 9.5 hp of power and 10.5 Nm of peak torque. The sporty-looking scooter also features such as Bluetooth connectivity, a fully digital display, SmartXonnect, and more. The TVS Ntorq is available in a variety of versions. With a price of Rs 98,117, the Ntorq 125 Super Squad Edition is positioned between the Race Edition and the Race XP variant. With all of this, the scooter competes against models like Yamaha RayZR 125, Aprilia SR 125, Hero Xoom 125, Honda Dio 125, and others.
India.com
10 minutes ago
- India.com
'Rani Kapur is neither director nor shareholder…,' new twist in Sunjay Kapur's family saga over Rs 300000000000 property dispute
'Rani Kapur is neither director nor shareholder…,' new twist in Sunjay Kapur's family saga over Rs 300000000000 property dispute Bollywood actress Karisma Kapoor's ex-husband Sunjay Kapur's sudden death has left everyone in shock. He died on June 12, 2025. A new chapter has unfolded in the ongoing family feud surrounding the Rs 30,000 crore estate of late businessman Sanjay Kapur. Just before the family-owned Sona Comstar's annual general meeting (AGM), Rani Kapoor, Sanjay Kapur's mother, made a bold claim that she holds the majority stake of the Sona Group and is the rightful owner of the estate. What is the new twist in the Sunjay Kapur family dispute? In a sharp and definitive rebuttal, the group's flagship company Sona BLW Precision Forgings Ltd clarified that Rani Kapoor is not a director or shareholder in the company. Additionally, she has not served as a board member since 2019. Furthermore, Auto components manufacturer Sona BLW Precision Forgings Ltd (Sona Comstar) stated that it did not delay the Annual General Meeting (AGM), even though it received an email from Rani Kapur, the company's former Chairperson and widow of the late industrialist Dr. Surinder Kapur. Is Rani Kapur a shareholder in the Kapur family-owned Sona Group? The company acknowledged that it received an email from Rani Kapur in the late hours of July 24, 2025, requesting to adjourn the Annual General Meeting (AGM) scheduled for the next day. The company asserted that the request was reviewed seriously, and urgent legal advice was sought before making a final decision. 'Late on 24 July 2025, an email was received from Mrs. Rani Kapur requesting a deferment of the AGM. Given our respect for Mrs. Kapur, the Company sought urgent legal advice from one of India's most reputed law firms in relation to the legality of proceeding with the AGM of the Company.' What are the claims made by Sunjay Kapur's mother, Rani Kapur? This new development has brought additional drama to the ongoing legal and family feud over the massive inheritance. In her letter, she claimed that she was coerced into signing papers while grieving her son's death, and suggested important decisions were made in her name without her actual consent. She also expressed doubt over the appointment of certain people to the board, including her daughter-in-law, Priya Sachdev Kapur. Rani Kapur sent her letter to the board of directors, the shareholders and SEBI (Securities and Exchange Board of India). Subsequently, the company's share price slid further down, escalating the ongoing contested family argument. In another claim, she alleged that the incident, reported as a cardiac arrest during a polo match, is being wrongly labelled, and the actual facts point to something 'far more troubling.''For my client, as a mother, it's deeply painful to watch this being dismissed as a mere freak accident and cardiac arrest. The truth doesn't match the headlines,' her legal counsel, senior advocate Vaibhav Gaggar was quoted as saying by news agency ANI. He further stated, 'She would not stay silent until that truth is acknowledged,' he added. Rani Kapur has also claimed that soon after her son's death, she was coerced into signing certain documents under distress. Who was Sunjay Kapur, and how was he related to Karisma Kapoor? Sunjay Kapur reportedly died after suffering a heart attack while playing polo in London, United Kingdom, on June 12 of 2025. Kapur's final rites were performed at the Lodhi Road Cremation Ground in South Delhi on June 19, with family and close associates present. Sunjay Kapur was the chairman of Sona Comstar. He married Karisma Kapoor in 2003. The couple became parents to their daughter, Samaira, in 2005 and their son, Kiaan, in 2011. In 2014, Karisma and Sunjay filed for divorce by mutual consent, and their divorce was finalised in 2016. After the separation, Sunjay married Priya Sachdev. The couple welcomed a son, Azarias, after they got married. Sanjay Kapur reportedly owned assets worth over Rs 12,000 crore, and managing such a vast empire could now become a significant challenge.
