15,547 crore transactions were made through the Unified Payments Interface i.e. UPI from January to November 2024. During this period, an amount of Rs 223 lakh crore was transferred. Today (December 14), the Finance Ministry shared an article on X and informed that this is a new record for transactions through UPI.
The ministry said the world’s trust in the UPI is increasing. Currently, UPI is used in 7 countries including UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius.
UPI is managed by NCPI The RTGS and NEFT payment system in India is operated by RBI. Systems like IMPS, RuPay, UPI are operated by the National Payment Corporation of India (NPCI). The government had imposed a fee-free framework for UPI transactions from January 1, 2020.
How does UPI work? For UPI service, you need to create a virtual payment address. After that, it will need to be linked to the bank account. After that, you no longer need to remember your bank account number, bank name or IFSC code etc. The payment provider simply processes the payment request based on your mobile number.
If you have their UPI ID (email ID, mobile number or Aadhaar number), you can easily send money through your smartphone. Not only money, but also there will be no need for online banking, credit or debit card for payment of utility bills, online shopping, shopping etc. You can do all these things through the Unified Payments Interface system.