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.