“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 volume has reached 7,062 crore, it said.
The finance ministry statement noted that both UPI and RuPay are rapidly expanding globally, enabling seamless cross-border transactions. Presently, UPI is live in 7 countries, including key markets such as UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius, allowing Indian consumers and businesses to make and receive payments internationally, it said adding that this expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape.