Hey there, digital payment enthusiasts! Let’s chat about something really exciting happening over in India. Union Finance Minister Nirmala Sitharaman recently declared that India is in the midst of a cashless revolution, and it’s all thanks to fantastic digital initiatives like the unified payments interface, or UPI for short.
Hold onto your wallets because we’re talking about a jaw-dropping ₹70,000 crore worth of UPI transactions happening every single day! Can you believe it? That’s not just impressive; it’s downright monumental. On just one day alone, there were about 59.6 crore transactions. It feels like digital payments have officially become the norm in India.
Sitharaman emphasized how this digital transformation is not just making life easier for everyday citizens but also boosting confidence among businesses. Under the leadership of Prime Minister Narendra Modi, it has truly been a decade of visible and meaningful change. Today, India stands tall as not just the fastest-growing major economy but also a strong voice in global matters, including climate change and digital innovation.
Let’s dig into some numbers! Back in May, UPI notched a whopping 18.68 billion transactions processed, up from 17.89 billion in April. That’s a stunning 33 percent year-on-year growth, soaring from the 14.03 billion transactions that took place last year. In terms of value, UPI transactions rocketed to ₹25.14 lakh crore last month, marking a solid 5 percent increase from April. Compared to the same time last year, that’s a 23 percent rise. Talk about progress!
On average, there are around 602 million transactions each day, and the average daily transaction value sits at a cool ₹81,106 crore. UPI isn’t just making waves; it’s dominating the digital payments scene in India. Its share of total transaction volume jumped to 83.7 percent for the year 2024-25, up from 79.7 percent the previous year.
According to the Reserve Bank of India’s report, UPI facilitated an astonishing 185.8 billion transactions during the year, which means a 41 percent increase compared to the previous year. In value terms, UPI transactions skyrocketed to ₹261 lakh crore, up from ₹200 lakh crore in FY24.
Looks like India is not just keeping pace with the digital world; it is leading the charge! How exciting is that?
Stay tuned for more updates, friends. The future of payments is looking bright!