News India Live, Digital Desk: Union Finance Minister Nirmala Sitharaman On Saturday, the government’s priority is to ensure that the currency is in the “low price class” and more awareness is spread for “digital transfer”.
The Union Finance Minister said in the National Memorial Seminar organized on the completion of 60 years of Pandit Deendayal Upadhyay Integral Humanism Lecture in the national capital, “We need to create more digital awareness, so that people can see the benefits of digital transfer.”
In recent years, India has seen an unprecedented increase in digital transactions, which is an important milestone towards becoming a cashless society. UPI is at the forefront of India’s digital payment revolution, which has set a record of 16.73 billion transactions in December 2024.
In addition, immediate payment service (IMPS) and Fastag have emerged as prominent players to make financial transactions faster, more accessible and safe. According to the recent data from the National Payments Corporation of India (NPCI), UPI has set a new record by making more than 16.73 billion transactions, which has a shocking transaction price of Rs 23.25 lakh crore. This is a significant jump from Rs 21.55 lakh crore in November.
In 2024, approximately 172 billion transactions will be processed by UPI, showing an increase of 46 percent from 117.64 billion in 2023. This growth outlines a broad cultural change towards financial inclusion, with UPI a central pillar.
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