Digital Transactions: The total amount of digital payments grew by 46% annually, from Rs 8,839 crore in the fiscal year 2021–2022 to Rs 18,737 crore in the fiscal year 2023–2024.
Digital Payment: The number of digital payment transactions in the nation has significantly increased. Up to January of this year, more than 18,120 crores worth of digital payment transactions, including UPI, were recorded in the fiscal year 2024–25; the total transaction value exceeded Rs 2,330 lakh crore. This information was provided by the government to Parliament.
In answer to a question posed during Parliament’s Question Hour,
The Central Government stated that up till January of this year, UPI and other digital payment transactions totaled over 18,120 crores in the fiscal year 2024–2025. From 8,839 crores in the fiscal year 2021–2022 to 18,737 crores in the fiscal year 2023–2024, the total amount of digital payments has grown at an annual pace of 46%.
In a written response to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary stated that the Unified Payment Interface (UPI) was responsible for this growth, which increased from 4,597 crore transactions in the fiscal year 2021–2022 to 13,116 crore transactions in the fiscal year 2023–2024 at a compound annual growth rate (CAGR) of 69 percent.
In the fiscal year 2023–2024,
UPI accounted for almost 70% of all digital payment transactions, according to the Minister of State for Finance. In addition, third-party app providers (TPAP), onboarding new merchants, and digital payment infrastructure (QR codes and POS terminals) have all expanded significantly during the course of the plan period. To encourage digital payments throughout the nation and fortify the digital payment ecosystem, the government started the Digidhan Mission.
From FY 2021–2022, an incentive program
was put in place to motivate banks and other ecosystem participants to support UPI and digital payments. During the scheme’s design, banks and other stakeholders were consulted. For banks, a specific Incentive Scheme (ISB) webpage has also been created in order to raise awareness and gather data. Consequently, there are now 572 banks that offer digital payments, including UPI payments, up from 216 in FY 2021–2022 and FY 2023–2024.
The country’s digital payments have grown dramatically as a result of the ‘Protsahan Yojana’, which promoted low-value BHIM-UPI Person to Merchant (P2M) transactions and the RuPay Debit Card.
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