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India’s digital payments journey reached new milestones, recording a 44 per cent compounded annual growth rate (CAGR) in transaction volumes, surging from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24.
In the last 5 months (April-August) of the current financial year 2024-25, the transaction volume has touched 8,659 crore, official data released on Friday showed.
The value of transactions has grown from ₹1,962 lakh crore to ₹3,659 lakh crore at CAGR of 11 per cent . Additionally, in the last 5 months (April-August) of the current financial year 2024-25, the total transaction value has surged to an impressive ₹1,669 lakh crore, an official release said.
Department of Financial Services’ (DFS) efforts to accelerate the adoption of fast payment system like the Unified Payments Interface (UPI) has revolutionised the way financial transactions are conducted, enabling real-time, secure, and seamless payments for millions.
This initiative aligns with the Government’s vision of a cashless and inclusive economy, empowering every citizen in their financial decision.
In comparison with previous fiscal years, the digital payments landscape has demonstrated remarkable expansion in Financial Year (FY) 2023-24.
UPI’s Continued Success
UPI remains the cornerstone of India’s digital payment ecosystem. UPI, which has revolutionised digital payments in the country, involved transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129 percent.
In the last 5 months (April-August) of the current Financial Year 2024-25, the transaction volume has reached 7,062 crore.
The ease of use facilitated by growing network of participating banks and fintech platforms, has made UPI the most preferred mode of real-time payments for millions of users across the country, the release added.
The value of UPI transactions has grown from ₹1 lakh crore to ₹200 lakh crore at CAGR of 138 percent. Additionally, in the last 5 months (April-August FY2024-25), the total transaction value has surged to an impressive ₹101 lakh crore, release added.
UPI and RuPay Global Expansion
India’s digital payments revolution is extending beyond its borders. Both UPI and RuPay are rapidly expanding globally, enabling seamless cross-border transactions for Indians living and traveling abroad. Presently, UPI is live in 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, allowing Indian consumers and businesses to make and receive payments internationally.
This expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape. As per ACI Worldwide Report 2024, in 2023 around 49percent of the global real-time payment transactions is happening in India.
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Published on September 20, 2024
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