Digital payment transactions in the country have jumped to 18,737 crore during fiscal 2023-24, up from 2,071 crore fiscal 2017-18 at a CAGR of 44 per cent. The transaction volume has reached 8,659 crore in the past five months of the current financial year 2024-25, according to data with the Ministry of Finance.
The transaction value has increased to Rs 1,962 lakh crore to Rs 3,659 lakh crore FY24, growing at a CAGR of 11 per cent. Further, the total value of transactions in the past 5 months of FY25 is an astonishing Rs 1,669 lakh crore, the Department of Financial Services under the ministry has stated.
The volume of the UPI transaction increased to 13,116 crore during FY 2023-24 from 92 crore in FY 2017-18 with a CAGR of 129 per cent. The value registered at 200 lakh crore of UPI transactions in FY 23-24 against Rs 1 lakh crore in FY 17-18 and showed a CAGR growth of 138 per cent.
In the past five months, total transaction value has surged to Rs 101 lakh crore. UPI is now live in seven countries with key markets like UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.
Compared to previous fiscal years, the country experienced tremendous growth in digital payments. "The ease of use facilitated by a growing network of participating banks and fintech platforms made UPI the most preferred mode of real-time payments for millions of users all across the country," Finance Ministry was quoted saying.
Data shows that in Aug, P2M transactions comprise 62.40 percent, of which 85 percent of the transactions are up to Rs 500. The digital revolution in payments is now spilling out of the border. As 'ACI Worldwide Report 2024' suggests that close to 49 percent of global real time payment transactions are taking place in India.
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