PM Modi Highlights India’s UPI Success at Warsaw Event
Prime Minister Narendra Modi, speaking at the Indian Diaspora event in Warsaw, highlighted the significance of digital transactions in India. He noted that the daily volume of digital transactions through UPI in India matches the entire population of the European Union.
Union Minister Ashwini Vaishnaw shared a clip of PM Modi’s speech on X, stating, “448 million -> Population of EU; 466 million -> Daily UPI transactions in India.”
In the first 20 days of August alone, India recorded 9,840.14 million UPI transactions, reflecting the platform’s growing importance in facilitating cashless transactions across the nation. This milestone underscores the rapid adoption and integration of the Unified Payments Interface (UPI) in India, which has become a cornerstone of the country’s digital economy.
According to NPCI, UPI payments have recorded a 45% year-on-year growth, with the total value of transactions surpassing Rs 20.64 trillion. This marks the third consecutive month where the total transaction value exceeded Rs 20 trillion, with June 2024 recording Rs 20.07 trillion and May 2024 at Rs 20.44 trillion.
In July 2024, the average daily transaction value through UPI stood at Rs 466 million, or approximately Rs 66,590 crore, showcasing the platform’s dominance in India’s digital payment ecosystem.
The Reserve Bank of India (RBI) has also acknowledged the extraordinary growth of UPI in its monthly bulletin, noting a ten-fold increase in transaction volume from 12.5 billion in 2019-20 to 131 billion in 2023-24. This accounts for 80% of the total digital payment volumes in the country, highlighting UPI’s critical role in India’s cashless economy.
Unified Payments Interface (UPI) transactions experienced a substantial 57% year-on-year growth in FY24, driven by the widespread adoption of digital payments across various sectors. Within this segment, PhonePe and Google Pay have emerged as market leaders, holding a combined market share of 86%, according to the Boston Consulting Group (BCG) Banking Sector Roundup for 2023-24.
Doubts Revealed
PM Modi -: PM Modi is the Prime Minister of India. He is the leader of the country and makes important decisions for the nation.
Warsaw -: Warsaw is the capital city of Poland, a country in Europe. It is where the event took place.
UPI -: UPI stands for Unified Payments Interface. It is a system in India that allows people to make digital payments easily using their mobile phones.
European Union -: The European Union, or EU, is a group of 27 countries in Europe that work together on various issues like trade and laws.
Union Minister Ashwini Vaishnaw -: Ashwini Vaishnaw is a minister in the Indian government. He helps manage important areas like technology and railways.
9,840.14 million -: This number means 9,840.14 million UPI transactions, which is a very large number showing how many times people used UPI to pay for things in just 20 days.
45% year-on-year growth -: This means that the number of UPI transactions has increased by 45% compared to the same time last year.
Rs 20 trillion -: Rs 20 trillion is a huge amount of money. It shows the total value of all the UPI transactions happening in three months.
PhonePe and Google Pay -: PhonePe and Google Pay are popular apps in India that people use to make UPI payments. They are leading the market, meaning most people use these apps for UPI transactions.
