Business correspondents are the backbone of financial inclusion, ensuring that even the most remote communities can participate in the digital economy.
FinTech BizNews Service
Mumbai, February 28, 2025: According to the Finance Ministry, UPI transactions in January surpassed 16.99 billion and the value exceeded Rs 23.48 lakh crore, marking the highest number recorded in any month. Dilip Modi, Founder & CEO of Spice Money, has shared notable insights on this significant development:
“The recent data released by the Ministry of Finance, showing UPI transactions crossing a record 16.99 billion in January 2025, marks a significant milestone for India’s digital economy. UPI remains the cornerstone of India's digital payment ecosystem, contributing to 80 per cent of the retail payments across the country. In the 2023-24 financial year, the total transaction volume exceeded 131 billion, with the value surpassing Rs 200 lakh crore.
This data highlights the growing acceptance of digital payments and the trust people have in India's digital financial ecosystem. At Spice Money, we are proud to be part of this journey, working to make financial services accessible to everyone, especially in rural and underserved areas.
This achievement reflects the collective efforts of the government, banks, and fintech companies. Over 80 UPI apps and 641 banks are live on the UPI ecosystem, demonstrating its widespread adoption and scalability. This growing participation underscores the platform's reliability and efficiency, solidifying its pivotal role in driving digital financial inclusion across the country
A critical part of this success has been the role of business correspondents, who have been instrumental in bringing digital financial services to the last mile. They are the backbone of financial inclusion, ensuring that even the most remote communities can participate in the digital economy.
As we move forward, it is important to focus on reaching even more people, particularly those in smaller towns and villages. With a 1.5 million Adhikaris network, Spice Money remains committed to empowering individuals and businesses with simple, reliable, and affordable financial solutions. Together, we can ensure that the benefits of digital payments reach every corner of the country."
