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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), UPI has revolutionized the nation's payment ecosystem by integrating multiple bank accounts into a single mobile application. This system enables seamless fund transfers, merchant payments, and peer-t
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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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