New Delhi, October 26: India’s Unified Payments Interface (UPI) has emerged as the world’s largest real-time payment system, handling more than 2,400 crore transactions every month, Union Finance Minister Nirmala Sitharaman said on Sunday.
Speaking at the inauguration of the Reserve Bank of India’s (RBI) Greenfield Data Centre and Training Institute in Khordha, Odisha, Sitharaman highlighted the rapid expansion of India’s digital payments ecosystem.
UPI Records Massive Growth
The Finance Minister said UPI now processes nearly 80 crore transactions daily, reflecting its growing popularity among consumers and businesses.
She revealed that UPI’s annual transaction volume has increased approximately 13,000 times since 2016-17, demonstrating India’s transition towards digital payments.
The platform has transformed everyday transactions, allowing individuals and businesses to transfer money instantly through mobile applications.
Digital Payments Boost Financial Inclusion
Sitharaman said UPI’s success has helped create a strong fintech ecosystem, expanding access to financial services across the country.
Digital payment innovations are helping millions of first-time users access credit, insurance and investment opportunities.
The Finance Minister emphasised that India’s growing digital economy requires reliable infrastructure to support increasing transaction volumes and safeguard financial information.
RBI Data Centre To Strengthen Infrastructure
Highlighting the importance of data security, Sitharaman described data centres as the “vaults of the digital age”.
She said the government has introduced several measures to encourage investments in India’s data centre industry.
Data centres received infrastructure status in 2022, while the Union Budget 2026-27 announced tax incentives for foreign companies offering global cloud services through India-based facilities.
Focus On Cybersecurity And AI
The newly inaugurated RBI facility will house critical banking infrastructure, including Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems.
Also read: UPI Charges On Share Payments, Here’s Who Will Bear The Cost Brokers Or Customers?
The accompanying training institute will develop expertise in cybersecurity, artificial intelligence and data centre operations.
The initiative is expected to strengthen India’s digital financial infrastructure and support the country’s expanding payments network.
