15,547 crore transactions were made through UPI from January to November 2024.
During this period, Rs 2.23 lakh crore was transferred.
The Indian Finance Ministry shared a post on X-Site today (December 14) and said that this is a new record amount of transactions recorded through UPI.
The ministry said that the trust of the world in UPI (Unified Payments Interface) is increasing.
UPI is currently used in 7 countries including UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.
UPI is operated by NCPI The operation of RTGS and NEFT payment systems in India is with the RBI. The National Payments Corporation of India (NPCI) operates systems like IMPS, RuPay, UPI.
How does UPI work?
For UPI service, you need to create a virtual payment address. After this, it needs to be linked to a bank account. After this, you don't need to remember your bank account number, bank name or IFSC code etc. The payer processes the payment request based on your mobile number.
If you have someone's UPI ID (email ID, mobile number or Aadhaar number), you can easily send money to that person through your smartphone.
Not only money, but it can be used for utility bill payments like electricity bill, gas bill, mobile bill, online shopping, shopping etc. No net banking, credit or debit card is required.
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