Digital payment transactions value hits Rs 3,659 lakh cr in FY24, UPI clocks 138 pc growth

By Newsroom Odisha Network On Sep 20, 2024

New Delhi: The number of digital payment transactions volume in India surged from 2,071 crore in fiscal 2017-18 to 18,737 crore in fiscal 2023-24 at a compounded annual growth rate (CAGR) of 44 per cent, the government said on Friday.

Furthermore, during the last five months (April-August) of the current financial year 2024-25, the transaction volume has reached 8,659 crore, according to the Ministry of Finance data.

The value of transactions has grown from Rs 1,962 lakh crore to Rs 3,659 lakh crore in FY24, at a CAGR of 11 per cent. Additionally, in the last 5 months of FY25, the total transaction value has surged to an impressive Rs 1,669 lakh crore, according to the Department of Financial Services (DFS) under the ministry.

Meanwhile, UPI transactions volume grew to 13,116 crore in FY 2023-24 from 92 crore in FY 2017-18 at a CAGR of 129 per cent. The value of UPI transactions reached Rs 200 lakh crore in FY23-24 from Rs 1 lakh crore in FY17-18, a CAGR growth of 138 per cent.

In the last 5 months, the total transaction value has surged to Rs 101 lakh crore. UPI now seamlessly facilitates live transactions in seven countries, including key markets such as the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius.

In comparison with previous fiscal years, the digital payments landscape has demonstrated a remarkable expansion in the country. “The ease of use facilitated by a 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 Finance Ministry noted.

As per the data, the contribution of peer-to-merchant (P2M) transactions reached 62.40 per cent in Aug, where 85 per cent of these transactions are up to a value of Rs 500. The digital payments revolution is extending beyond its borders. As per ‘ACI Worldwide Report 2024’, around 49 per cent of the global real-time payment transactions are happening in India.

–IANS