UPI is now largest digital transaction platform: Anurag Thakur

Shimla, September 1

Former Union Minister and Hamirpur Lok Sabha MP Anurag Singh Thakur has hailed India’s Unified Payments Interface (UPI) as the world’s largest and most efficient digital payment platform and said that Prime Minister Narendra Modi-led government’s initiative has transformed digital and cashless transactions, making banking accessible for everyone.

In a press statement issued by Thakur, he said that the changes occurring in India’s financial technology landscape were having a profound social impact. Thanks to Prime Minister Narendra Modi’s policy to enhance fintech, the UPI is reaching informal economies and bridging the financial services gap between rural and urban areas. Launched by the Modi government in the year 2016, the UPI has become the largest digital transaction platform globally.

“This year, from April to July, UPI facilitated transactions exceeding ?81 lakh crore, marking a 37 per cent increase from the previous year. The number of transactions per second has risen to 3,729.1 from 2,348 in 2022, reflecting a 58 per cent increase in transaction volume. The platform developed in India has become a model for the world, establishing UPI as a powerful financial inclusion tool globally,” he said.

Criticising the Congress leaders for mocked UPI and Digital India, Thakur said that Congress leaders once ridiculed the UPI and Digital India, doubting the capability of ordinary people to understand digital payments.

“Today, the same Digital India has empowered even street vendors to use UPI for transactions. The Modi government trusted in the capabilities of ordinary citizens and made digital payments more accessible. Following PM Modi’s vision, Digital India has provided a platform for small traders, entrepreneurs, local artists, and artisans,” he said.

“It has simplified various tasks and represents a significant vision for national development,” he added. “India is at the forefront of digital transactions worldwide,” Anurag asserted.