India\u2019s 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.<\/p>\n
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.<\/p>\n
The value of transactions has grown from \u20b91,962 lakh crore to \u20b93,659 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 \u20b91,669 lakh crore, an official release said.<\/p>\n
Department of Financial Services\u2019 (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.<\/p>\n
This initiative aligns with the Government\u2019s vision of a cashless and inclusive economy, empowering every citizen in their financial decision.<\/p>\n
In comparison with previous fiscal years, the digital payments landscape has demonstrated remarkable expansion in Financial Year (FY) 2023-24.\u00a0<\/p>\n
\nUPI\u2019s Continued Success
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UPI remains the cornerstone of India\u2019s 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.\u00a0<\/p>\n
In the last 5 months (April-August) of the current Financial Year 2024-25, the transaction volume has reached 7,062 crore.<\/p>\n
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.<\/p>\n
The value of UPI transactions has grown from \u20b91 lakh crore to \u20b9200 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 \u20b9101 lakh crore, release added.<\/p>\n
\nUPI and RuPay Global Expansion
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India\u2019s 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\u00a07\u00a0countries, including key markets such as\u00a0UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius,\u00a0<\/b>allowing Indian consumers and businesses to make and receive payments internationally.\u00a0<\/p>\n
This expansion will further bolster remittance flows, improve financial inclusion, and elevate India\u2019s stature in the global financial landscape. As per ACI Worldwide Report 2024, in 2023 around\u00a049