Prime Minister Modi highlights the success of India's digital public infrastructure, stating that daily digital transactions via UPI in India are equivalent to the population of the European Union.
New Delhi [India], August 22 : While addressing the Indian Diaspora event in Warsaw on Wednesday, Prime Minister Narendra Modi emphasized the importance of digital transactions by comparing the daily volume of UPI transactions in India to the population of the European Union.
PM Modi stated, "Every day in India, the number of digital transactions made through UPI equals the population of the European Union."
Union Minister Ashwini Vaishnaw echoed the success of India's Digital Public Infrastructure by sharing a clip of the PM's speech on X, highlighting, "448 million -> Population of EU; 466 million -> Daily UPI transactions in India."
448 million -> Population of EU Â
466 million -> Daily UPI transactions in India Â
#PMModiInPoland pic.twitter.com/qHIOJmdcah
— Ashwini Vaishnaw (@AshwiniVaishnaw) August 22, 2024
In just the first 20 days of August, India registered a remarkable 9,840.14 million UPI transactions, showcasing the growing significance of the platform in promoting cashless transactions nationwide.
This achievement underscores the rapid adoption and integration of the Unified Payments Interface (UPI) in India, which has become a key component of the country's digital economy.
UPI's success is evident in its impressive growth metrics. According to NPCI, UPI payments have seen a 45 percent year-on-year increase, with the total transaction value surpassing Rs 20.64 trillion.
This marks the third consecutive month with a total transaction value exceeding Rs 20 trillion, with Rs 20.07 trillion recorded in June 2024 and Rs 20.44 trillion in May 2024.
In July 2024, the average daily transaction value through UPI was Rs 466 million, or approximately Rs 66,590 crore, reflecting the platform's dominance in India's digital payment landscape.
The Reserve Bank of India (RBI) has also recognized UPI's extraordinary growth in its monthly bulletin, noting a ten-fold increase in transaction volume from 12.5 billion in 2019-20 to 131 billion in 2023-24. UPI now accounts for 80 percent of the total digital payment volumes in the country, underscoring its crucial role in India's move toward a cashless economy.
Unified Payments Interface (UPI) transactions experienced a significant 57 percent year-on-year growth in FY24, driven by the widespread adoption of digital payments across various sectors.
In this segment, PhonePe and Google Pay have emerged as market leaders, together holding a combined market share of 86 percent, according to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24.