The Finance Ministry has said that the Unified Payments Interface, UPI achieved a milestone by processing nearly 16.58 billion financial transactions in a single month in October this year. UPI processed around 23.49 lakh crore rupees across 16.58 billion financial transactions in October. This marks 45 per cent year-on-year growth as compared to October last year.

The UPI was launched in 2016 by the National Payments Corporation of India. It has revolutionized the nation’s payment ecosystem by integrating multiple bank accounts into a single mobile application. This system enables seamless fund transfers, merchant payments, and peer-to-peer transactions, offering users flexibility through scheduled payment requests. UPI has not only made financial transactions fast, secure, and effortless, but it has also empowered individuals, small businesses, and merchants, driving the country’s shift toward a cashless economy. India’s payment interface has also gained international momentum with UPI being operational in seven countries, including key markets. These are UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.