New Delhi: Unified Payments Interface (UPI) transactions in India touch a fresh life-time high in January. For the first time, UPI transactions in the month of January surpassed 16.99 billion and the value exceeded Rs 23.48 lakh crore. This is the highest number recorded in any month.
UPI continues to be the backbone of India’s digital payment ecosystem, accounting for 80% of retail transactions nationwide. For FY24, the total transaction volume exceeded 131 billion and the value exceeded Rs 200 lakh crore.
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In FY24-25 (till January), the P2M transactions contribute 62.35% and P2P transactions contribute 37.65% of the overall UPI volume. The contribution of P2M transactions reached 62.35% in January 2025, where 86% of these transactions are up to a value of Rs 500.
As of January, more than 80 UPI apps (bank apps and third-party application providers), 641 banks are currently live on the UPI ecosystem. 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.