Additionally, in the last 5 months (April-August) of the current FY 2024-25, the total transaction value has grown to Rs 1,669 lakh crore. Efforts to accelerate the adoption of fast payment systems like Unified Payments Interface (UPI) have revolutionized the way financial transactions are done, enabling real-time, secure and seamless payments for millions of people. UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24, at a CAGR of 129 per cent. Further, during the last 5 months (April-August) of the current FY 2024-25, the transaction volume has reached 7,062 crore.
According to the ministry data, the value of UPI transactions has grown from Rs 1 lakh crore to Rs 200 lakh crore at a CAGR of 138 per cent. Further, in the last 5 months (April-August FY 2024-25), the value of total transactions has increased to Rs 101 lakh crore. The contribution of P2M (payment made by a person to a merchant) transactions reached 62.40 per cent in August 2024, where 85 per cent of the transactions are of value up to Rs 500. The Finance Ministry highlighted that as per the ACI Worldwide Report 2024, about 49 per cent of the global real-time payment transactions are happening in India in 2023. The ministry praised its financial services department and said it is committed to advancing secure, scalable and inclusive digital payment solutions, as well as exploring new avenues to strengthen India's position in the global financial ecosystem.
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