UPI transactions hit record 17 bn in Jan, set new record

Unified Payments Interface (UPI) transactions surpassed 16.99 billion in January for the first time, with the total value exceeding Rs 23.48 lakh crore — the highest ever recorded in a single month, according to the latest finance ministry data.

For 2023-24, the digital payments landscape saw remarkable growth, the finance ministry said in a statement. UPI continues to be the backbone of India’s digital payment ecosystem, accounting for 80% of retail transactions nationwide.