New Delhi, Sept 21: The Union Finance Ministry has announced that the value of digital payments in India soared to ₹1,669 lakh crore in the first five months of the financial year 2024-25 (April-August). During this period, transaction volumes totaled 8,659 crore, showcasing substantial growth in the digital payment sector.
Notably, UPI transactions grew dramatically, climbing from ₹1 lakh crore to ₹200 lakh crore at a compound annual growth rate (CAGR) of 138%. Overall, the value of digital transactions surged from ₹1,962 lakh crore to ₹3,659 lakh crore, with a CAGR of 11%, leading to a total transaction value of ₹101 lakh crore during these five months.
In a statement on Friday, the Ministry of Finance highlighted that digital payments in India have skyrocketed from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24, reflecting a CAGR of 44%. The Finance Ministry emphasized that UPI is central to India’s digital payment framework, with UPI transactions increasing from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24, achieving a CAGR of 129%.
The ministry noted that initiatives to promote rapid payment systems like UPI have revolutionized financial transactions, enabling secure and real-time payments for millions. Furthermore, the global reach of UPI and RuPay has expanded, allowing seamless cross-border transactions for Indians abroad. UPI is currently operational in seven countries, including the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, enhancing international payment options for Indian users and businesses.
