Union Finance Minister Nirmala Sitharaman on Monday said that India is embracing a cashless revolution with world-class digital initiatives like unified payments interface (UPI).&nbsp;
In the last 11 years, India has seen a remarkable journey under the leadership of Prime Minister Narendra Modi, the finance minister said on a post on X.
&ldquo;India is embracing a cashless revolution. With ₹70,000 crore+ worth UPI transactions daily and 59.6 crore transactions in a single day, digital payments are now the norm,&rdquo; the minister added.
From making life easier for the common citizen to boosting business confidence, it's been a decade of real and visible change, she further stated.
India today is not just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation.&nbsp;
In the month of May, UPI posted a robust growth by processing 18.68 billion transactions, up from 17.89 billion in April. As per data by the National Payments Corporation of India (NPCI), the UPI transactions mark a 33% year-on-year (YoY) surge compared to 14.03 billion transactions in the same month last year.
The UPI transactions rose to ₹725.14 lakh crore (by value) last month, a 5% increase from ₹23.95 lakh crore in April. This reflects a 23% rise from ₹720.45 lakh crore in May last year. The average daily transaction volume stood at 602 million, while the average daily transaction value reached ₹781,106 crore.&nbsp;
The UPI has strengthened its dominance in India&rsquo;s digital payments system with its share in the total transaction volume rising to 83.7% in 2024-25 from 79.7% in the previous financial year.
The RBI&rsquo;s annual report shows that UPI facilitated 185.8 billion transactions during 2024-25, which represents a 41% year-on-year increase. In value terms, UPI transactions rose to&nbsp;₹261 lakh crore from&nbsp;₹200 lakh crore in FY24.
(Apart from the headline, this article has not been edited by Benefit News editorial team and is published from an IANS news feed.)

UPI's share in India's digital payments rises to 83.7% (File Photo)

India embraces cashless revolution with ₹70,000 crore UPI daily and 59.6 crore transactions, says FM Sitharaman

Sitharaman: India Leads Cashless Revolution in 11 Years

India embraces cashless revolution with ₹70,000 crore UPI daily and 59.6 crore transactions, says FM Sitharaman

June 9, 2025 | 11:03 IST