India's UPI Transactions Reach New Heights Amid Global Expansion

The Unified Payments Interface (UPI) in India has achieved record-breaking transaction volumes, with Rs 230 lakh crore in domestic exchanges during the fiscal year until December. Furthermore, UPI is expanding internationally, functioning in eight countries. Recognized globally, it's the world's leading retail fast-payment system by transaction volume.

On Tuesday, the Indian government announced that transactions via the Unified Payments Interface (UPI) have reached an unprecedented value of Rs 230 lakh crore in this fiscal year up to December. Minister of State for Finance Pankaj Chaudhary highlighted the rapid growth in transaction value during a session in the Rajya Sabha.

Chaudhary explained that UPI transactions within India have soared, surpassing the Rs 139 lakh crore mark from the financial year 2022-23. The global reach of UPI is also expanding, now operational in eight countries including Bhutan, France, and Qatar, through currency conversion and adherence to local laws.

Finance Minister Nirmala Sitharaman detailed the international expansion efforts in a parliamentary reply, noting operational linkages with foreign payment systems to enable cross-border remittances. The IMF and ACI Worldwide recognize UPI as a dominant global player in real-time retail payments, accounting for 49% of such transactions worldwide.

(With inputs from agencies.)