New Delhi, June 9: Union Finance Minister Nirmala Sitharaman announced on Monday that India is undergoing a significant cashless transformation, driven by advanced digital initiatives such as the Unified Payments Interface (UPI).

Reflecting on the past 11 years, she highlighted the remarkable progress made under Prime Minister Narendra Modi's leadership in a post shared on X.

The minister noted, “India is witnessing a cashless revolution, with over Rs 70,000 crore in UPI transactions daily and 59.6 crore transactions recorded in just one day, making digital payments a standard practice.”

She emphasized that this decade has brought tangible improvements, enhancing the lives of ordinary citizens and instilling confidence in businesses.

Today, India stands not only as the fastest-growing major economy but also as a significant global advocate for critical issues such as climate change and digital advancement.

In May, UPI experienced substantial growth, processing 18.68 billion transactions, an increase from 17.89 billion in April. According to the National Payments Corporation of India (NPCI), this marks a 33% year-on-year increase compared to 14.03 billion transactions in May of the previous year.

The total value of UPI transactions reached Rs 25.14 lakh crore last month, reflecting a 5% rise from Rs 23.95 lakh crore in April and a 23% increase from Rs 20.45 lakh crore in May last year. The average daily transaction volume was 602 million, with an average daily transaction value of Rs 81,106 crore.

UPI has solidified its position in India's digital payment landscape, with its share of total transaction volume increasing to 83.7% in 2024-25, up from 79.7% in the previous fiscal year.

The Reserve Bank of India's annual report indicates that UPI facilitated 185.8 billion transactions in 2024-25, marking a 41% year-on-year growth. In terms of value, UPI transactions surged to Rs 261 lakh crore, up from Rs 200 lakh crore in FY24.