With ₹2000 denomination notes almost out of circulation, Union Finance Minister Nirmala Sitharaman said on Saturday that the government’s priority is to ensure that currency in “lower denominations” is in circulation, and that more awareness is spread regarding digital transfers.
“We need to have more digital awareness built so that people see a benefit in doing digital transfers,” the minister said at a seminar in the national capital.
According to recent data from the National Payments Corporation of India (NPCI), UPI (Unified Payments Interface) hit a record 16.73 billion transactions in December 2024, with a staggering transaction value of ₹23.25 lakh crore. This is a notable jump from ₹21.55 lakh crore in November and marks the country’s unparalleled rise in digital transactions.
In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal players, making financial transactions faster and more secure.
In 2024, UPI had processed around 172 billion transactions, marking a 46 per cent increase from 117.64 billion in 2023. This rise underscores a broader cultural shift toward financial inclusivity, with UPI being a central pillar, and putting India on the path to becoming a cashless society.
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