UPI transactions in January surpass 16.99B; highest recorded in any month
As of January 2025, over 80 UPI apps and 641 banks are live on the UPI ecosystem.
UPI transactions in January surpassed 16.99 billion, and the value exceeded Rs 23.48 lakh crore, marking the highest number recorded in any month, the Ministry of Finance said on Thursday.
For 2023-24, the digital payments landscape has demonstrated remarkable expansion. Unified Payments Interface (UPI) remains the cornerstone of India's digital payment ecosystem, contributing to 80% of the retail payments across the country, it said in a statement.
The total transaction volume exceeded 131 billion, and the value exceeded Rs 200 lakh crore for 2023-24.
Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country, it said.
As of January 2025, over 80 UPI apps and 641 banks are live on the UPI ecosystem, it said.
In FY24-25 (till January 2025), the People to Merchant (P2M) transactions contributed 62.35% and P2P transactions contributed 37.65% of the overall UPI volume, it said.
The contribution of P2M transactions reached 62.35% in January 2025, where 86% of these transactions are up to a value of Rs 500, it said, adding that this indicates the trust that UPI enjoys among citizens for making low-value payments.
Edited by Suman Singh