Daijiworld Media Network - New Delhi

New Delhi, Jun 9: Union Finance Minister Nirmala Sitharaman on Monday highlighted India’s rapid embrace of a cashless economy, driven by world-class digital initiatives like the Unified Payments Interface (UPI), marking a transformative decade under Prime Minister Narendra Modi’s leadership.

“India is embracing a cashless revolution. With Rs 70,000 cr+ worth of UPI transactions daily and nearly 60 cr transactions in a single day, digital payments are now the norm,” the finance minister said in a post on X.

Sitharaman noted that digital payments have simplified daily life for citizens and boosted business confidence, contributing to India’s status as the fastest-growing major economy and a global voice on climate action and digital innovation.

UPI transaction data from May 2025 shows significant growth, with 18.68 billion transactions—up from 17.89 billion in April—reflecting a 33% year-on-year increase from 14.03 billion last May. The transaction value also rose 5% from Rs 23.95 lac cr in April to Rs 25.14 lac cr in May, marking a 23% rise from the previous year.

The average daily UPI transaction volume stood at 602 million, with an average daily value of Rs 81,106 cr. UPI’s share in India’s digital payments surged to 83.7% in 2024-25 from 79.7% the previous year.

According to the Reserve Bank of India’s annual report, UPI facilitated 185.8 billion transactions in 2024-25, a 41% year-on-year growth. The total transaction value rose sharply to Rs 261 lac cr from Rs 200 lac cr in FY24.