Digital payments in India have witnessed significant growth, with the total number of digital payment transactions volume increased to 18,737 crore in FY 2023-24 from 2,071 crore in FY 2017-18, at Compounded Annual Growth Rate (CAGR) of 44 per cent, the Finance Ministry said on Friday.
Furthermore, during the past 5 months (April-August) of the current financial year 2024-25, the transaction volume has reached to 8,659 crore, it added.
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The ministry data mentioned that the value of transactions stands at Rs 3,659 lakh crore in FY23-24 from Rs 1,962 lakh crore in FY17-18 at a 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 Rs 1,669 lakh crore.
Efforts to accelerate the adoption of fast payment systems like the Unified Payments Interface (UPI) have revolutionised the way financial transactions are conducted, enabling real-time, secure, and seamless payments for millions.
UPI transactions have grown to 13,116 crore in FY 2023-24 from 92 crore in FY 2017-18 at CAGR of 129 per cent.
Furthermore, during the last 5 months (April-August) of the current Financial Year 2024-25, the transaction volume has reached 7,062 crore.
The value of UPI transactions has grown from Rs 1 lakh crore to Rs 200 lakh crore at a CAGR of 138 per cent, the ministry data said.
Additionally, in the last 5 months (April-August FY2024-25), the total transaction value has surged to an impressive Rs 101 lakh crore.
The contribution of P2M ( payments done by person to a merchant) transactions reached 62.40 per cent in Aug’ 2024, where 85 per cent of these transactions are up to a value of Rs 500.
The Finance Ministry highlighted that as per ACI Worldwide Report 2024, in 2023 around 49 per cent of the global real-time payment transactions are happening in India.
The Ministry praised its Department of Financial Services, and said it remains committed to advancing digital payment solutions that are secure, scalable, and inclusive, while also exploring new avenues to strengthen India’s position in the global financial ecosystem.
