UPI Transaction Surge: A Digital Revolution Crossing Borders

The Unified Payments Interface (UPI) has achieved a record-breaking milestone by surpassing 20 billion transactions in August, according to the National Payments Corporation of India (NPCI). This surge underscores the growing adoption of digital payments in India, with transactions valued at Rs 24.85 lakh crore.

UPI's penetration has transformed the way financial transactions are conducted, marking a 34% growth compared to the previous year in volume terms, and 21% in value. Experts attribute this growth to UPI's expanding footprint beyond urban centers into rural areas, making digital payments ubiquitous across the country.

Moreover, UPI's influence is spreading worldwide, now live in seven countries, including France. This international expansion is significant as it facilitates seamless payments for Indians, eliminating the complexities associated with foreign transactions. As UPI powers nearly half of global real-time digital payments, its global footprint continues to expand.

(With inputs from agencies.)