New Delhi, 01 September: India’s Unified Payments Interface (UPI) continues to set global benchmarks, with 3,729 transactions recorded every second. Between April and July 2023, UPI facilitated transactions worth an astonishing Rs 81 lakh crore. Former Union minister and Hamirpur Lok Sabha MP Anurag Singh Thakur lauded the achievement, attributing it to the visionary policies of the Modi government.
“India’s financial technology is undergoing transformational changes with significant social impact,” Thakur said. He emphasized that UPI, launched in 2016 by the Modi government to promote digital and cashless transactions, has revolutionized the way banking is conducted in India. “The ease and accessibility of UPI has bridged the financial services gap between rural and urban areas, making banking services more inclusive.”
The data shows a 37% annual growth in UPI transactions, reflecting the rapid adoption of the platform across the country. In 2022, the number of transactions per second was 2,348, which has now increased to 3,729, showing a growth of 58% in the same period. Thakur highlighted that UPI has become the world’s largest platform for digital transactions, becoming a model for other countries.
Reflecting on the initial skepticism towards the Digital India initiative, Thakur remarked, “Congress leaders once mocked UPI and doubted the ability of our people to adopt digital transactions. But today, even fruit and vegetable vendors are transacting through UPI. The Modi government had faith in the understanding of the common man, and this faith has paid off as Digital India has become a powerful tool for every citizen.”
Thakur further said that India’s leadership in digital transactions is evident, with nearly 40% of transactions in the country now being done digitally. The Indian government is actively working on initiatives to allow merchants to accept payments internationally via UPI QR codes and to link UPI with other countries’ fast payment systems for seamless cross-border transactions.
Thakur emphasized that India’s digital platforms, especially UPI, are now recognized globally as models of financial inclusion. “The platforms developed by India are becoming blueprints for the world. UPI has established a strong identity as a global financial inclusion platform, showcasing India’s fintech potential on the world stage,” he said.
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