Lucknow Press
The value of digital payments has increased to Rs 1,669 lakh crore in the first five months of FY 2024-25. Digital payment transactions have reached 8,659 crores during the same period. The value of UPI transactions has grown from Rs 1 lakh crore to Rs 200 lakh crore at a CAGR of 138 percent. Apart from this, the value of total transactions has increased to Rs 101 lakh crore in the last 5 months.
These figures show that digital payments have grown significantly in India, with the total number of digital payment transactions increasing from 2,071 crores in FY 2017-18 to 18,737 crores in FY 2023-24, at a compounded annual growth rate (CAGR) of 44 per cent. The
Finance Ministry said that “the transaction volume has reached 8,659 crores during the 5 months of FY 2024-25. The value of transactions has grown from Rs 1,962 lakh crore to Rs 3,659 lakh crore at a CAGR of 11 per cent. Apart from this, the total transaction value has increased to Rs 1,669 lakh crore in the 5 months of FY 2024-25.”
The ministry pointed out that UPI has revolutionised digital payments in the country, with UPI transactions growing from 92 crores in FY 2017-18 to 13,116 crores in FY 2023-24 at a CAGR of 129 per cent. Efforts to accelerate the adoption of fast payment systems like UPI have revolutionised the way financial transactions are done, making real-time, secure and seamless payments possible for millions of people.
Highlighting India’s digital payments expansion in the rest of the countries, the ministry said both UPI and RuPay are expanding rapidly globally, enabling seamless cross-border transactions for Indians living and travelling abroad. As of today, UPI is live in 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France and Mauritius, allowing Indian consumers and businesses to make and receive payments internationally.
