According to the Union Finance Ministry, the value of digital payments increased to Rs 1,669 lakh crore in the first five months (April-August) of the current financial year 2024-25. The ministry has said that the number of digital payment transactions reached 8,659 crores during this period. According to the data, the value of UPI transactions grew at a CAGR (annual growth rate) of 138 percent from Rs 1 lakh crore in 2017-18 to Rs 200 lakh crore in 2023-24. Additionally, the value of UPI transactions increased to Rs 101 lakh crore in the last 5 months (April-August FY 2024-25).
The Finance Ministry said in a statement on Friday that digital payments in India have increased significantly. The total number of digital payment transactions increased from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24.
The ministry said, “The number of transactions has reached 8,659 crore during the last 5 months (April-August) of the current financial year 2024-25. The value of transactions increased from Rs 1,962 lakh crore to Rs 3,659 lakh crore with a CAGR of 11 per cent. Additionally, the total transaction value increased to Rs 1,669 lakh crore during the last 5 months (April-August) of the current financial year 2024-25.
