financial transactions

UPI transactions may reach 25 billion by 2025

India’s Unified Payments Interface (UPI) reached a milestone in October, recording 16.58 billion financial transactions in a single month, reflecting a 45% year-on-year growth from 11.40 billion transactions in October 2023. With ₹23.49 lakh crore transacted during this period, UPI continues to dominate India’s digital payment landscape. UPI’s Rise and Transformation Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has fundamentally reshaped India’s payment ...

September 16, 2024 6:10 PM

BRICS calls for enhanced use of local currencies in trade between member countries

The BRICS ministers of Foreign Affairs met in Russia's Nizhny Novgorod on Monday and held a plethora of discussions, including an important one on the enhanced use of local currencies in trade and financial transactions between the BRICS countries. At the meeting, the ministers recognized the need for a comprehensive reform of the global financial architecture. "They recalled the paragraph 45 of the Johannesburg II Declaration tasking the Finance Ministers and Central Bank Governors of the BRIC...