UPI registered record more than nine billion transactions in May this year

The UPI  has registered a record more than nine billion transactions in May this year amounting to over 14 lakh crore rupees.

The Government is committed to expanding digital transactions in the Indian economy. Easy and convenient modes of digital payment, such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), Immediate Payment Service and National Electronic Toll Collection system have registered substantial growth and have transformed digital payment ecosystem. 

In his virtual address at the first meeting of Finance Ministers and Central Bank Governors under India's



G20 Presidency which was held in Bengaluru in February this year, Prime Minister Narendra Modi said that  India has created a highly secure, highly trusted, and highly efficient public digital infrastructure.

During the last nine years, the number of digital transactions in the country  has increased by more than 100 times from a mere 127 crore in 2013-14 to 12,735 crore transactions in 2022-23. The increase in digital transactions in India's economy has provided numerous benefits for growth. Overall, it strengthens the economy and drives sustainable growth.