UPI Drives 84% of Digital Transactions in India, Boosting Financial Inclusion

UPI Powers 84% of India's Digital Payments, Boosts Financial Inclusion The article finds that the Unified Payments Interface (UPI) is the driver of India's digital payments economy, fueling 84% of all digital payments in FY24. UPI transactions increased 4.4 times from 2021 to 2024 to 172 billion transactions per annum. The system now facilitates 16 billion transactions per month and is poised to triple by 2030. The popularity of UPI stems from its contribution to financial inclusion, merchant acquisition, and cross-border payments. Innovations like UPI Credit, Embedded Finance, UPI Lite, and offline payments are further widening financial access, particularly in rural India. The rapid growth of UPI is bringing into focus the need for robust, high-resilience switching infrastructure for safe and frictionless digital payments.

Source: TEN News