NEW DELHI: The value of digital payments has surged to Rs 1,669 lakh crore in the first five months (April-August) of the current financial year 2024-25, according to Union Finance Ministry.
The ministry stated that the transaction volume of digital payments has reached 8,659 crore during the same period. The value of UPI transactions has grown from Rs 1 lakh crore to Rs 200 lakh crore at a CAGR of 138 per cent. Additionally, in the last five months (April-August FY2024-25), the total transaction value has surged to an impressive Rs 101 lakh crore.
The Ministry of Finance, in a statement, highlighted that digital payments in India have witnessed significant growth, with the total number of digital payment transactions increasing from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24, at a compounded annual growth rate (CAGR) of 44 per cent.
“During the last five months (April-August) of the current financial year 2024-25, the transaction volume has reached 8,659 crore. The value of transactions has grown from Rs 1,962 lakh crore to Rs 3,659 lakh crore at a CAGR of 11 per cent. Additionally, in the last five months (April-August) of the current financial year 2024-25, the total transaction value has surged to an impressive Rs 1,669 lakh crore”, the ministry said.
The ministry also highlighted that UPI remains the cornerstone of India’s digital payment ecosystem. It added that UPI has revolutionised digital payments in the country, with UPI transactions growing from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24, at a CAGR of 129 per cent.
The Finance Ministry also stated that efforts to accelerate the adoption of fast payment systems like UPI have revolutionised the way financial transactions are conducted, enabling real-time, secure, and seamless payments for millions. Highlighting India’s digital payment expansion in other countries, the ministry noted that both UPI and RuPay are rapidly expanding globally, enabling seamless cross-border transactions for Indians living and travelling abroad.
Presently, UPI is live in seven countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius, allowing Indian consumers and businesses to make and receive payments internationally. According to the ministry, this expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape. (ANI)