New Delhi: Union Finance minister Nirmala Sitharaman on monday stated that india is embracing a cashless revolution with global-elegance wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital initiatives like unified bills interface (UPI).
Inside the last eleven years, india has seen a notable journey under the leadership of prime minister Narendra Modi, the finance minister said in a post on X.
"India is embracing a cashless revolution. With Rs 70,000 crore+ worth of UPI transactions daily and fifty-nine. 6 crore transactions in a single day; digital payments are now the norm," the minister introduced.
From making life less complicated for the common citizen to boosting business self-assurance, it’s been a decade of actual and seen exchange, she further stated.
India nowadays is not just the quickest-developing main economic system but additionally a key global voice on pressing problems like climate movement and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital innovation.
Within the month of May also, UPI posted a strong boom via processing 18.68 billion transactions, up from 17.89 billion in April. As in keeping with records through the countrywide bills employer of india (NPCI), the UPI transactions mark a 33 percent year-on-year (yoy) surge compared to 14.03 billion transactions in the equal month closing year.
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The UPI transactions rose to Rs 25.14 lakh crore (via fee) last month, a 5 percent boom from Rs 23.95 lakh crore in April. This reflects a 23 percent rise in step with the Rs 20.45 lakh crore in the final 12 months. The average day-by-day transaction quantity stood at 602 million, while the average daily transaction value reached Rs 81,106 crore.
The UPI has bolstered its dominance in India's virtual bills system, with its percentage within the total transaction extent growing to 83.7 percent in 2024-25 from 79.7 percent in the previous financial year.
The RBI's annual record suggests that UPI facilitated 185.8 billion transactions at some stage in 2024-25, which represents a 41 percent 12-month-on-12-month growth. In price phrases, UPI transactions rose to Rs 261 lakh crore from Rs 2 hundred lakh crore in FY24.
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