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
Gold dips 0.81 pc this week over waning hopes of Fed rate cuts
New Delhi: Gold prices dipped 0.81 per cent during the week as negotiations between the United States and Iran stalled, denting hopes for near‑term interest‑rate cuts. On Friday, MCX...
98.47 pc of Rs 2,000 notes returned since withdrawal announcement: RBI
Mumbai: The Reserve Bank of India on Friday said that 98.47 per cent of the Rs 2,000 denomination banknotes in circulation have been returned, nearly three years after it announced...
India’s new strategic maritime hub takes shape at Great Nicobar
New Delhi: The Great Nicobar Project, work on which is underway, aims to transform the Great Nicobar into a strategic maritime and economic hub by leveraging its proximity to the...
Commercial LPG cylinder rates hiked by Rs 993, no change for household gas consumers
New Delhi: The price of a 19-kg commercial LPG cylinder has been increased by Rs 993, starting Friday, and after the revision, a 19-kg cylinder will now cost Rs 3,071.5...
India Posts Payment Banks launches zero-balance SHG savings account with Rs 2 lakh limit
New Delhi: India Post Payments Bank (IPPB), an entity under the Department of Posts, on Thursday launched a zero-balance Self Help Group (SHG) savings account with a maximum balance limit...
Rupee slips past 95 against US dollar amid crude spike
Mumbai: Domestic currency weakened past the 95-per-dollar mark to hit a record low on Thursday, pressured by a sharp rise in global crude oil prices amid escalating tensions between the...
Global crude oil prices extend rally amid US blockade fears on Iran
New Delhi: Global crude oil prices extended their upward momentum on Wednesday amid reports that the United States is likely to continue its blockade of Iranian ports, raising concerns over...
Libya oil discovery reflects growing global footprints of Indian energy firms: Govt
New Delhi: The government on Tuesday said the recent oil and gas discovery in Libya by Indian oil marketing companies (OMCs) -- Oil India Limited (OIL), and Indian Oil Corporation...
India, New Zealand sign historic Free Trade Agreement
New Delhi: India and New Zealand signed a historic Free Trade Agreement (FTA) here on Monday that removes tariffs on 100 per cent of India’s exports to New Zealand, and...
Gold, silver see muted trade amid Iran-US de-escalation hopes
Mumbai: Gold and silver prices traded on a flat note on Monday amid a rise in crude oil prices and reports of a fresh proposal by Iran to end the...
Rising food, gas, utility costs squeeze Americans amid tariff, war concerns
Los Angeles: Americans are feeling the strain as the cost of groceries, gasoline, and utilities continues to rise. Economists say a one-two punch of new US tariffs and a war-driven...
India’s leather sector eyes $50 bn target by 2030 amid New Zealand FTA
New Delhi: The FTA with New Zealand is expected to give a big push to India’s leather industry, which expects to grow to $50 billion by 2030, driven by a...
