UPI transactions surge to a record 17 billion in January, setting a new benchmark

Unified Payments Interface (UPI) transactions exceeded 16.99 billion for the very first time in January month ever, in total, the amount surpassed the figure of 23.48 lakh crore - the highest ever recorded in one month, as per the latest data from the Finance Ministry.

In 2023-23, the digital payments ecosystem saw a remarkable increase according to the finance ministry in an announcement. UPI remains the core of India's payments ecosystem which accounts for more than the majority UPI transaction in retail across the nation.

In FY24 the total amount of record transactions was 131 billion, and the amount was more than 200 crore. The UPI has been the most popular payment method for real-time transactions for millions of customers throughout the country, because of the growing number of participating fintech and banks according to the finance ministry. In January, there were there were more than UPI applications (bank apps as well as third-party application providers) 641 banks have been added within the UPI ecosystem.

In the FY24-25 (till January) The P2M transactions make up 62.35 percent and P2P transactions make up 37.65 percent of the overall UPI volume. The P2M contribution was 62.35 percent in January 2025. 86% of the transactions exceed the value of Rs 500.

This demonstrates the trust UPI enjoys with its citizens for its low-value payments, said the ministry.

UPI is growing rapidly across the globe and enables seamless transactions across borders for Indians who travel across the globe. At present, UPI is live in more than 7 countries, which includes important markets like those in the UAE, Nepal, Singapore, Sri Lanka, France, Bhutan, and Mauritius which allows Indians to pay internationally.