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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%.
Additionally, in the last 5 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 on Friday 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%. "During the last 5 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%. Additionally, in the last 5 months (April-August) of the current financial year 2024-25, the total transaction value has surged to an impressive Rs 1,669 lakh crore," said the ministry. The ministry also highlighted that UPI remains the cornerstone of India's digital payment ecosystem.
It added that UPI has revolutionized 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%. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Basics of Generative AI : Unveiling Tomorrow's Innovations By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Web Development A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Office Productivity Mastering Microsoft Office: Word, Excel, PowerPoint, and 365 By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Marketing Digital marketing - Wordpress Website Development By - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expert View Program Web Development Mastering Full Stack Development: From Frontend to Backend Excellence By - Metla Sudha Sekhar, Developer and Lead Instructor View Program Finance Financial Literacy i.
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P. Gupta, Professor: Department of Finance and Business Economics, University of Delhi View Program The Finance Ministry also stated that efforts to accelerate the adoption of fast payment systems like UPI have revolutionized the way financial transactions are conducted, enabling real-time, secure, and seamless payments for millions. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories 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 traveling abroad.
Presently, UPI is live in 7 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..
