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For the first time, UPI transactions in the month of January surpassed 16.99 billion and the value exceeded Rs 23.48 lakh crore, marking the highest number recorded in any month, according to the latest government data. 

For FY 2023-24, the digital payments landscape has demonstrated remarkable expansion. UPI remains the cornerstone of India's digital payment ecosystem contributing to 80 per cent of the retail payments across the country.

The total transaction volume exceeded 131 billion and the value exceeded Rs 200 lakh crore for the FY 2023-24.

Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country, according to the Ministry of Finance.

As of January, more than 80 UPI apps (bank apps and third-party application providers), 641 banks are currently live on UPI ecosystem.

In FY24-25 (till January), the P2M transactions contribute 62.35 per cent and P2P transactions contribute 37.65 per cent of the overall UPI volume.

The contribution of P2M transactions reached 62.35 per cent in January 2025 where 86 per cent of these transactions are upto a value of Rs 500.

This indicates the trust that UPI enjoys among citizens for making low value payments, said the Ministry.

According to Professor Carlos Montes from Cambridge Business School, UPI provides an opportunity to other countries to learn from the Indian experience.

Montes, who is on a tour to India for attending and speaking at the NXT event at the Bharat Mandapam on Friday, was briefed about the working and achievements of UPI system.

A presentation on UPI was given to Montes about the functioning, success and trends of UPI in India.

UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, allowing Indians to make payments internationally.