Seven Countries Using UPI, 45% of Total Digital Transactions in India

The growing importance of digital payments has significantly strengthened India's banking system, and the popularity of UPI (Unified Payments Interface) is continuously rising, both domestically and internationally. Finance Minister Nirmala Sitharaman, while addressing a session at the 90th annual convention of the Reserve Bank of India, said that seven countries, including Singapore, Malaysia, and the UAE, have adopted UPI systems.

She further highlighted that India is leading the way in digital payments, with UPI accounting for 45% of all digital transactions globally. The expansion of digital payment systems into rural areas has empowered even small vendors and individuals in villages to engage in digital transactions using UPI.

India Sets a New Record in UPI Usage
As of now, UPI transactions have set a record, with 14.96 billion UPI transactions conducted, amounting to ₹20.61 lakh crore.

Role of Banks in Achieving Developed India by 2047
Sitharaman emphasized that Indian banks would play a critical role in making India a developed nation by 2047. This goal aligns with the national vision of advancing toward self-reliance and growth.