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Introduction In October 2024, Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India's digital transformation. Launched in 2016 by the National Payments Corporation of India (NPCI),
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FAQ :
In October 2024, UPI processed 16.58 billion financial transactions.
The total value of transactions processed by UPI in October 2024 was ₹23.49 Lakh Crores.
UPI saw a 45% year-on-year growth in transactions in October 2024, up from 11.40 billion in October 2023.
There are 632 banks currently connected to the UPI platform.
UPI offers round-the-clock accessibility, unified banking access through a single app, seamless and secure single-click payments with two-factor authentication, enhanced privacy via virtual addresses, and QR code integration.
UPI is currently operational in seven countries: the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
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