Unified Payments Interface (UPI) transactions surpassed 16.99 billion in January for the first time, with the total value exceeding Rs 23.48 lakh crore — the highest ever recorded in a single month, according to the latest finance ministry data.
For 2023-24, the digital payments landscape saw remarkable growth, the finance ministry said in a statement. UPI continues to be the backbone of India’s digital payment ecosystem, accounting for 80% of retail transactions nationwide.
For FY24, the total transaction volume exceeded 131 billion and the value exceeded Rs 200 lakh crore. The UPI has become the preferred mode of real-time payments for millions of users across the country due to the increasing network of participating banks and fintech platforms, the finance ministry said. As of January, more than 80 UPI apps (bank apps and third-party application providers), 641 banks are currently live on the UPI ecosystem.
In FY24-25 (till January), the P2M transactions contribute 62.35% and P2P transactions contribute 37.65% of the overall UPI volume. The contribution of P2M transactions reached 62.35% in January 2025, where 86% of these transactions are up to a value of Rs 500.
This indicates the trust that UPI enjoys among citizens for making low value payments, the ministry added.
UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, allowing Indians to make payments internationally.