New Delhi: A report by RBI has informed that the share of Unified Payments Interface (UPI) in India’s digital payment system has increased to 83 percent by 2024, which was 34 percent in 2019. During this period, UPI has grown at a compound average growth rate (CAGR) of 74 percent.
The share of other payment systems like RTGS, NEFT, IMPS, credit cards and debit cards declined from 66 percent to 17 percent during the review period, according to the Reserve Bank of India (RBI) report. It has been said in the report that UPI is playing an important role in advancing the digital payment system of the country. The reason for this is the ease of use of UPI.
At a macro level, UPI transaction volume is expected to grow from USD 375 crore in 2018 to USD 17,221 crore by 2024. During this period, the total value of transactions was Rs. 5.86 lakh crore to Rs. 246.83 lakh crores. The report states that in the last five years, UPI volume and value have grown at a CAGR rate of 89.3 percent and 86.5 percent.
Both P2P (person-to-person) and P2M (person-to-merchant) transactions take advantage of the secure and real-time payment capabilities of UPI, eliminating the need for individuals and businesses to rely on traditional and time-consuming methods. Perform financial transactions without any hassle.
The volume of UPI P2M transactions has exceeded the volume of UPI P2P transactions. However, UPI P2P transactions are still higher in value than UPI P2M transactions. Digital payments in India have seen tremendous growth in the last few years, with UPI growing tremendously and more digital payment options becoming available. In 2024 alone, India was expected to record 208.5 billion digital payment transactions.
Comments are closed.