Digital payment transactions volume grew to 18,737 crore in FY 2023-24 from 2,071 crore in FY 2017-18 at Compounded Annual Growth Rate (CAGR) of 44%; with value of transactions at ₹3,659 lakh crore in FY23-24 from ₹1,962 lakh crore in FY17-18 at CAGR of 11%
UPI transactions volume grew to 13,116 crore in FY 2023-24 from 92 crore in FY 2017-18 at CAGR of 129%; with value of UPI transactions reaching ₹200 lakh crore in FY23-24 from ₹1 lakh crore in FY17-18 at CAGR of 138%
UPI now seamlessly facilitates live transactions in 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius
The Department of Financial Services (DFS), Ministry of Finance, plays a critical role in driving the promotion of digital payments in the country.
Efforts to accelerate the adoption of fast payment system like the Unified Payments Interface (UPI) has revolutionised the way financial transactions are conducted, enabling real-time, secure, and seamless payments for millions.
This initiative aligns with the Government’s vision of a cashless and inclusive economy, empowering every citizen in their financial decision.
In comparison with previous fiscal years, the digital payments landscape has demonstrated remarkable expansion in Financial Year (FY) 2023-24. Key insights include:
Growth in Digital Payment Transactions
Digital payments in India have witnessed significant growth, with the total number of digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24 at Compounded Annual Growth Rate (CAGR) of 44%. Furthermore, during the last 5 months (April-August) of the current financial year 2024-25, the transaction volume has reached to 8,659 crore.
The value of transactions has grown from ₹1,962 lakh crore to ₹3,659 lakh crore at 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 ₹1,669 lakh crore.
UPI’s Continued Success
UPI remains the cornerstone of India’s digital payment ecosystem. UPI has revolutionised digital payments in the country, UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129%. Furthermore, during the last 5 months (April-August) of the current Financial Year 2024-25, the transaction volume has reached 7,062 crore.
The ease of use facilitated by 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.
Department of Financial Services remains committed to advancing digital payment solutions that are secure, scalable, and inclusive, while also exploring new avenues to strengthen India’s position in the global financial ecosystem.
