UPI transaction value surges to Rs 1,669 lakh crore in first five months of FY25
digital payments has surged to Rs 1,669 lakh crore in the first five months (April-August) of the current financial year 2024-25, according to Union Finance Ministry.
The ministry stated that the transaction volume of digital payments has reached 8,659 crore during the same period. The value of UPI transactions has grown from Rs 1 lakh crore to Rs 200 lakh crore at a CAGR of 138%. Additionally, in the last 5 months (April-August FY2024-25), the total transaction value has surged to an impressive Rs 101 lakh crore.
The Ministry of Finance in a statement on Friday highlighted that digital payments in India have witnessed significant growth, with the total number of digital payment transactions increasing from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24, at a compounded annual growth rate (CAGR) of 44%.
«During the last 5 months (April-August) of the current financial year 2024-25, the transaction volume has reached 8,659 crore. The value of transactions has grown from Rs 1,962 lakh crore to Rs 3,659 lakh crore at a 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,» said the ministry.
The ministry also highlighted that UPI remains the cornerstone of India's digital payment ecosystem. It added that UPI has revolutionized digital payments in the country, with UPI transactions growing from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24, at a CAGR of 129%.
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