UPI Transactions Surge to ₹60 Trillion in 2024.

The digital payment landscape in India is witnessing an unprecedented transformation, with Unified Payments Interface (UPI) transactions soaring to new heights. According to recent reports from Pankaj Chaudhary ,Minister of State for Finance. UPI transactions for the first quarter of the fiscal year have jumped a remarkable 36% compared to the previous year, reaching an astonishing ₹60 trillion.Between April and June 2024, UPI facilitated a staggering 41.22 billion transactions, amounting to ₹60 trillion. This surge marks a significant increase from the 27.62 billion transactions valued at ₹44 trillion recorded during the same period last year.

For the fiscal year 2023-24, UPI has set a robust pace, with projections indicating over 131 billion transactions worth ₹200 trillion. To put this into perspective, the previous fiscal year saw 83.71 billion transactions valued at ₹139 trillion, and just 45.96 billion transactions at ₹84 trillion in FY22. This exponential growth highlights the growing trust and reliance on digital payments in India. In addition to transaction growth, a new feature has been introduced allowing cardless cash deposits through UPI, enhancing convenience for users. Currently, this facility is being offered by select banks, with specific conditions for cash deposits to ensure security. Each transaction is capped at ₹50,000, although banks can set lower limits based on their risk assessments. The National Payments Corporation of India (NPCI) is working on guidelines to regulate the number of Interoperable Cash Deposit (ICD) transactions, ensuring transparency and safety.

The remarkable rise in UPI transactions reflects a broader trend towards digital finance in India. As consumers increasingly embrace these technologies, the future of payments looks promising. This ongoing evolution not only boosts economic growth but also enhances the efficiency and security of financial transactions. Staying informed about these changes can empower users to take full advantage of the digital payment revolution, paving the way for a cashless society.
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