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Time of India
a day ago
- Business
- Time of India
UPI surge: India leads the world in fast payments; 18 billion monthly transactions power growth
AI image India has become the world's top player in real-time digital payments, largely due to the rapid growth of the Unified Payments Interface (UPI), according to a recent International Monetary Fund (IMF) note titled 'Growing Retail Digital Payments: The Value of Interoperability'. Launched in 2016 by the National Payments Corporation of India, UPI has revolutionised the country's payment ecosystem by enabling users to link multiple bank accounts to a single mobile app and make instant transactions with ease. It has not only simplified peer-to-peer payments but also enabled millions of small businesses to accept digital payments at minimal cost. According to data from the Press Information Bureau (PIB), UPI now processes over 18 billion transactions every month, accounting for 85 per cent of India's total digital payments. In June alone, the platform recorded 18.39 billion transactions worth Rs 24.03 lakh crore — a 32 per cent increase from June last year. With 491 million users and 65 million merchants onboard, UPI connects 675 banks through a single digital framework. 'This shift has taken India away from cash and card-based payments and pushed it towards a digital-first economy,' noted the PIB in its latest background series. 'Millions of individuals and small businesses now rely on UPI for safe and low-cost transactions. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Get Your Handmade Phone Case Now [Limited Offer] Buy Now Undo By making payments quick and accessible, UPI has become a powerful tool for financial inclusion.' The platform's global footprint is expanding as well. UPI is now operational in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius. Its debut in France marks UPI's first foray into Europe, allowing Indians there to pay seamlessly without the usual hassles of foreign transactions. India is also pushing for UPI to be adopted within the BRICS grouping, which now includes six new member nations. As per the PIB, such an expansion 'will improve remittances, boost financial inclusion and raise India's profile as a global tech leader in digital payments.' The journey to this digital success was built on a strong foundation of financial inclusion. The Jan Dhan Yojana was a key enabler, bringing over 55.83 crore people into the formal banking system as of July 9. These accounts not only offer a secure way to receive welfare benefits but also encourage saving and digital financial habits. '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 added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
a day ago
- Business
- Economic Times
India tops global fast payments with UPI processing 18 billion transactions monthly
Getty Images Representative image. 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. 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. 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. 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 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 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 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 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.
Time of India
2 days ago
- General
- Time of India
INS Sandhayak visits Malaysian port to boost maritime, hydrographic cooperation
INS Sandhayak visits Malaysian port to boost maritime, hydrographic cooperation (Pic credit: PIB) NEW DELHI: INS Sandhayak, the first of the indigenously designed and built hydrographic survey ship, is visiting Port Klang in Malaysia to foster international goodwill and elevate awareness of the MAHASAGAR vision, officials on Saturday said. Mutual and Holistic Advancement for Security and Growth Across Regions or MAHASAGAR vision of India seeks to boost regional maritime cooperation. INS Sandhayak, the Indian Navy 's indigenously designed and constructed survey vessel (large), made her maiden port call at Port Klang, Malaysia, for hydrographic cooperation from July 16-19. This visit demonstrates India's growing role in regional hydrographic capacity building under the Indian Naval Hydrographic Department (INHD) and National Hydrographic Office framework, said a spokesperson of the Indian Navy. INS Sandhayak, the Sandhayak-class hydrographic survey ship, was commissioned in February 2024, he added. The ship has full scale coastal and deep water surveying capacity, oceanographic data collection and is capable of search and rescue (SAR) and humanitarian operations with onboard helicopter and hospital functions, the officials said. The ship's maiden visit to Port Klang aims at facilitating technical exchanges and strengthening institutional ties via concerted cooperation like sharing of survey technologies and sustained hydrographic support engagements. The key activities during the visit include in-depth knowledge-exchange sessions, official receptions and events designed to foster international goodwill and elevate awareness of the MAHASAGAR vision, the Navy official said. The visit reaffirms India's commitment to regional maritime cooperation, he added. PTI
Time of India
3 days ago
- Health
- Time of India
Varanasi to host Youth Spiritual Summit against drug abuse
Varanasi: The Central govt will organise a two-day 'Youth Spiritual Summit' on the theme 'Drug-Free Youth for a Developed India' in Varanasi on Saturday and Sunday. "Over 500 young representatives from 100 spiritual and socio-cultural organisations across the country will take part in the summit organised by Ministry of Youth Affairs and Sports. It aims to promote the collective national resolve inherent in India's spiritual heritage," a PIB release said. Dignitaries, including the Himachal Pradesh governor Shiv Pratap Shukla, Union ministers Mansukh Mandaviya, Gajendra Singh Shekhawat, Virendra Kumar, Nityanand Rai, Raksha Nikhil Khadse and UP ministers Girish Yadav, Asim Arun and Nitin Agarwal, will also attend the event. The summit is part of the ministry's broader mission to initiate a value-based, youth-led mass movement against drug abuse. Designed as an intensive experience, the summit will combine introspective dialogue with cultural and spiritual engagement. Four plenary sessions will discuss key topics: understanding the psychological and social impacts of addiction, dismantling drug supply and trafficking networks, effective grassroots campaigns and communication strategies, and drafting a blueprint for building a drug-free India. Alongside these discussions, platforms for youth ideas and innovations will be provided through whiteboard forums, expert keynote speeches and workshops. The summit will conclude with the release of the 'Kashi Declaration' that will reflect the collective vision and commitment of youth and spiritual leaders and present a comprehensive action plan for building a drug-free India. It will serve as a guiding charter for policymakers, civil society organisations, and youth networks working in the field of de-addiction and rehabilitation. In collaboration with the My Bharat platform, this summit will also launch a national mass movement against drugs, with My Bharat volunteers and affiliated youth clubs leading awareness campaigns, pledge drives and grassroots outreach activities in villages, towns, and cities across the country.
India.com
3 days ago
- Business
- India.com
PM Kisan 20th Installment: Will the 20th PM Kisan payment be released today? Check your name in the beneficiary list
PM Kisan 20th Installment: Will the 20th PM Kisan payment be released today? Check your name in the beneficiary list Prime Minister Narendra Modi is on a visit to Motihari, Bihar, and he might bring good news for millions of farmers across the country. During his visit, he is expected to release the 20th installment of the PM Kisan Samman Nidhi Yojana. If announced, over 9.8 crore farmers in India could receive Rs. 2,000 directly in their bank accounts under this scheme. However, the Ministry of Agriculture or the Press Information Bureau (PIB) has not officially confirmed the exact date of release yet. Over 9.8 crore farmers waiting for 20th PM-Kisan Installment Steps to get PM-Kisan 20th installment To receive the Rs. 2,000 benefit under the 20th installment, e-KYC is mandatory. Farmers who do not complete their e-KYC will not receive the payment. In addition following steps are important to receive the payment. The bank account must be linked with Aadhaar Land seeding verification should be completed Name, bank account number, and mobile number must be correct How to Check Your Name in the PM-Kisan Beneficiary List (Step-by-Step Guide) First, visit the official website of the PM-Kisan Samman Nidhi Yojana: On the homepage, go to the 'Farmers Corner' section and click on 'Beneficiary List'. Select your State, District, Sub-District, Block, and Village from the dropdown menus. Click on 'Get Report'. The list of beneficiaries from your village will appear on the screen. Look for your name in the list to confirm your status.
