Digital transactions in FY25's first 5 months hit ₹1,669L crore
The Union Finance Ministry has reported a significant rise in the value of digital payments, reaching ₹1,669 lakh crore within the initial five months (April-August) of the current fiscal year 2024-25. The transaction volume during this period also saw a substantial increase, touching 8,659 crore. This data underscores the rapid growth and adoption of digital payment methods in India.
UPI transactions witness exponential growth
The Finance Ministry highlighted that the value of UPI transactions has experienced an exponential growth from ₹1 lakh crore to ₹200 lakh crore, at a CAGR of 138%. In the last five months (April-August FY2024-25), the total transaction value has surged to an impressive ₹101 lakh crore. This indicates a significant shift toward digital payments among Indian consumers and businesses.
Digital payment transactions in India see significant rise
The total number of digital payment transactions in India has seen a steady increase from 2,071 crore in FY 2017-18, to 18,737 crore in FY 2023-24. This represents a compounded annual growth rate (CAGR) of 44%. The ministry stated, "During the last five months (April-August) of the current financial year 2024-25, the transaction volume has reached 8,659 crore."
UPI: A revolution in India's digital payment landscape
The Finance Ministry emphasized that UPI has revolutionized India's digital payment landscape, with transactions increasing from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at a CAGR of 129%. The ministry also noted that efforts to promote fast payment systems like UPI have transformed how financial transactions are conducted. This has enabled real-time, seamless and secure payments for millions of users.
UPI and RuPay's global expansion
The ministry also highlighted the global expansion of both UPI and RuPay, which are now facilitating seamless cross-border transactions for Indians living and traveling abroad. Currently, UPI is operational in seven nations including UAE, Singapore, Sri Lanka, Bhutan, Nepal, France, and Mauritius.
