The ministry, in a social media post on X, stated that the UPI transaction figures showcase its transformative impact on financial transactions in India.
With a social media hashtag, Fin Min YearReview 2024, on X, the ministry highlighted the significance of UPI, which is getting prominence in countries across the globe.
India's digital payments revolution is gaining international momentum, with both UPI and RuPay expanding rapidly across borders. Currently, UPI is operational in seven countries, including key markets like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
UPI is a digital payment system that allows users to make instant money transfers between bank accounts.
Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionised the nation's payment ecosystem by integrating multiple bank accounts into a single mobile application.
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