UPI transactions in January exceeded 16.99 billion, with a value of Rs 23.48 trillion, the highest number recorded in any month, according to the Finance Ministry.
According to a statement from the finance ministry, the landscape of digital payments has expanded dramatically in 2023–24.
According to the report, 80% of all retail payments in India are made through the Unified Payments Interface (UPI), which continues to be the cornerstone of the nation's digital payment ecosystem.
The total transaction volume for the fiscal year 2023–2024 was over 131 billion, with a value exceeding Rs 200 trillion.
According to the statement, UPI's ease of use and expanding network of participating banks and fintech platforms have made it the preferred real-time payment method for millions of users nationwide.
It stated that as of January 2025, over 80 UPI Apps and 641 banks are live on the UPI ecosystem.
In FY 24-25 (until January 2025), People to Merchant (P2M) transactions accounted for 62.35 percent of total UPI volume, while P2P transactions accounted for 37.65 percent.
The contribution of P2M transactions reached 62.35 percent in January 2025, with 86% of these transactions valued at up to Rs 500, according to the report, indicating citizens' trust in UPI for making low-value payments.
