UPI Set New Record: UPI Transactions hit 17 Billion in January 2025:

UPI Set New Record: UPI Transactions hit 17 Billion in January 2025 Unified Payments Interface (UPI) transactions surpassed 16.99 billion for the first time in January, with a total value of Rs.23.48 lakh crore, the most ever recorded in a single month, according to the latest finance ministry data. The digital payments landscape expanded significantly in 2023–24, according to a statement from the finance ministry. UPI remains the backbone of India's digital payment ecosystem, accounting for 80% of retail transactions nationally. For FY24, the total transaction volume surpassed 131 billion, with a value exceeding Rs.200 lakh crore. According to the finance ministry, the UPI has become the preferred way of real-time payments for millions of users across the country as the network of participating banks and fintech companies has grown. As of January, over 80 UPI apps (bank apps and third-party application providers) and 641 banks were operational on the UPI network. In FY24-25 (till January), P2M transactions account for 62.35% of the total UPI volume, while P2P transactions account for 37.65%. In January 2025, the contribution of P2M transactions reached 62.35%, with 86% of these transactions valued at up to Rs.500. This shows citizens' trust in UPI for making low-value payments, the ministry said. UPI is rapidly expanding globally, allowing Indians to conduct seamless cross-border transactions when travelling overseas. UPI is already available in more than seven countries, including significant markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, allowing Indians to make overseas payments.