Govt to explore new avenues to strengthen India's position in global financial ecosystem: Finance Ministry
India's position in the global financial ecosystem and is committed to advancing digital payment solutions that are secure, scalable, and inclusive, the finance ministry said in a statement on Friday.
«India is rapidly emerging as a global leader in digital payments. With UPI’s global expansion and the continued rise of digital transactions, India is setting new benchmarks for financial inclusion and economic empowerment of common citizens,» it said, noting that as per the ACI Worldwide Report 2024, in 2023 around 49% of the global real-time payment transactions are happening in India.
In its statement the ministry noted that digital payments transactions volume reached to 8,659 crore for the last five months (April-August) of FY25, the finance ministry said in a statement adding that in the last six years, transaction volume increased at a 44% compounded annual growth rate (CAGR) from 2,071 crore in FY18 to 18,737 crore in FY 24.
«The value of transactions has grown from Rs 1,962 lakh crore to Rs 3,659 lakh crore at CAGR of 11%. Additionally, in the last 5 months (April-August) of the current financial year 2024-25, the total transaction value has surged to an impressive Rs 1,669 lakh crore,» it noted in its statement.
The finance ministry statement noted that UPI has revolutionised digital payments in the country, UPI transactions have grown from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24 at CAGR of 129%. During the last 5 months (April-August) of the current Financial Year 2024-25, the transaction
