Priyanka Tiwari
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In a key moment, the Union’s finance ministry announced recently, on February 27, that in January alone, the cumulative value for all UPI transactions exceeded o 16.99 billion, with its value surpassing Rs 23.48 lakh crore.
As per estimates, the digital payments sector has shown tremendous growth for the year 2023-24, the finance ministry disclosed through a press release.
The Unified Payments Interface (UPI) continues to be the backbone of India's digital payments infrastructure accounting for 80 percent of the retail payment in the country, the press release added.
In 2023 – 2024, the combined volume of transactions reached above 131 billion, and the combined value surpassed Rs 200 lakh crore.
Easy UPI usage and the rapid growth of banking and fintech service providers is helping UPI garner real time payment users on an ever growing scale across the nation, the report stated.
While, according to the report, 641 Indian banks and 80 UPI apps as of January 2025 have been launched on the UPI network.
For 2023–2024, the P2P and P2M distribution was 37.65 and 62.35 percent respectively.
The share of P2M transactions reached 62.35 percent in January 2025, wherein 86 percent of these transactions were for amounts not exceeding Rs 500, it noted. This suggests high trust in UPI for low value payments.
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