India Tops Global Digital Transactions: UPI Facilitates Rs 81 Lakh Crore Transactions in Four Months
India’s Unified Payments Interface (UPI) continues to set global benchmarks, with an astounding 3,729 transactions recorded every second. Between April and July 2023, UPI facilitated transactions worth a staggering Rs 81 lakh crore. Former Union Minister and Hamirpur Lok Sabha MP Anurag Singh Thakur lauded this achievement, attributing it to the visionary policies of the Modi government.
“India’s financial technology is undergoing transformative changes with significant social impact,” said Thakur. He emphasized that the UPI, launched by the Modi government in 2016 to promote digital and cashless transactions, has revolutionized the way banking is conducted in India. “The ease and accessibility of UPI have bridged the financial services gap between rural and urban areas, making banking services more inclusive.”
The data reflects a 37% annual increase in UPI transactions, showcasing the platform’s rapid adoption across the country. In 2022, the number of transactions per second stood at 2,348, which has now surged to 3,729, representing a 58% growth in the same period. Thakur highlighted that UPI has become the world’s largest platform for digital transactions, turning into a model for other nations.
Reflecting on the initial scepticism towards Digital India initiatives, Thakur remarked, “Congress leaders once mocked UPI and doubted the capability of our people to adopt digital transactions. But today, even fruit and vegetable vendors are conducting transactions through UPI. The Modi government had faith in the common man’s understanding, and this trust has paid off as Digital India becomes a powerful tool for every citizen.”
Thakur further noted that India’s leadership in digital transactions is evident, with around 40% of all transactions in the country now being conducted digitally. The Government of India is actively working on initiatives to allow merchants to accept payments via UPI QR codes internationally and to connect UPI with other countries’ fast payment systems for seamless cross-border transactions.
Thakur emphasized that India’s digital platforms, particularly UPI, are now recognized globally as models of financial inclusion. “The platforms developed by India are becoming blueprints for the world. UPI has established a strong identity as a global financial inclusion platform, showcasing India’s fintech prowess on the world stage,” he said.
