India’s digital funds journey reached new milestones, recording a 44 per cent compounded annual progress charge (CAGR) in transaction volumes, surging from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24.
Within the final 5 months (April-August) of the present monetary yr 2024-25, the transaction quantity has touched 8,659 crore, official knowledge launched on Friday confirmed.
The worth of transactions has grown from ₹1,962 lakh crore to ₹3,659 lakh crore at CAGR of 11 per cent . Moreover, within the final 5 months (April-August) of the present monetary yr 2024-25, the entire transaction worth has surged to a formidable ₹1,669 lakh crore, an official launch stated.
Division of Monetary Providers’ (DFS) efforts to speed up the adoption of quick cost system just like the Unified Funds Interface (UPI) has revolutionised the way in which monetary transactions are performed, enabling real-time, safe, and seamless funds for hundreds of thousands.
This initiative aligns with the Authorities’s imaginative and prescient of a cashless and inclusive financial system, empowering each citizen of their monetary choice.
As compared with earlier fiscal years, the digital funds panorama has demonstrated exceptional growth in Monetary Yr (FY) 2023-24.
UPI’s Continued Success
UPI stays the cornerstone of India’s digital cost ecosystem. UPI, which has revolutionised digital funds within the nation, concerned transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129 p.c.
Within the final 5 months (April-August) of the present Monetary Yr 2024-25, the transaction quantity has reached 7,062 crore.
The benefit of use facilitated by rising community of taking part banks and fintech platforms, has made UPI essentially the most most popular mode of real-time funds for hundreds of thousands of customers throughout the nation, the discharge added.
The worth of UPI transactions has grown from ₹1 lakh crore to ₹200 lakh crore at CAGR of 138 p.c. Moreover, within the final 5 months (April-August FY2024-25), the entire transaction worth has surged to a formidable ₹101 lakh crore, launch added.
UPI and RuPay International Enlargement
India’s digital funds revolution is extending past its borders. Each UPI and RuPay are quickly increasing globally, enabling seamless cross-border transactions for Indians dwelling and touring overseas. Presently, UPI is reside in 7 international locations, together with key markets comparable to UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, permitting Indian shoppers and companies to make and obtain funds internationally.
This growth will additional bolster remittance flows, enhance monetary inclusion, and elevate India’s stature within the world monetary panorama. As per ACI Worldwide Report 2024, in 2023 round 49percent of the worldwide real-time cost transactions is going on in India.
