External affairs minister S Jaishankar on Wednesday highlighted India’s growth in digital payments saying that the country is making Unified Payments Interface (UPI) transactions worth ₹120 crores in a month. He also drew a comparison to the United States, asserting that they make digital transactions only worth ₹40 crores in a year.

“Today, we do cashless payments through UPI. We have transactions worth ₹120 crores in a month. While the US makes digital transactions worth ₹40 crores in a year. You should see how we have progressed in some areas and the world commends that,” Jaishankar said at an event in Rajasthan’s Bikaner.

UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing, and merchant payments into one hood, according to an official government release. It was launched on April 11, 2016, by former governor of the Reserve Bank of India (RBI) Raghuram Rajan.