Digital Payment Transactions Grow by 46% from FY 2021-22 to FY 2023-24
The total digital payment transactions in India increased from 8,839 crore in FY 2021-22 to 18,737 crore in FY 2023-24, registering a 46% CAGR (Compound Annual Growth Rate). This growth was primarily driven by the Unified Payments Interface (UPI), which grew at a CAGR of 69%, reaching 13,116 crore transactions in FY 2023-24, capturing over 70% of total digital payments. The “Incentive Scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)” has played a key role in driving this growth by encouraging digital transactions across the country.
Total Digital Payments
UPI Transactions
UPI’s Dominance: Rapid adoption of UPI for seamless and instant transactions.
Expansion of Digital Payment Infrastructure
Increase in Banks Offering Digital Payment Services
Incentive Scheme for Banks (ISB) Portal
Summary/Static | Details |
Why in the news? | Digital Payment Transactions Grow by 46% from FY 2021-22 to FY 2023-24 |
Total Digital Payment Growth (FY 2021-22 to FY 2023-24) | 46% CAGR (8,839 crore → 18,737 crore transactions) |
UPI Transaction Growth | 69% CAGR (4,597 crore → 13,116 crore transactions) |
UPI Share in Total Digital Transactions (FY 2023-24) | 70% |
Banks Offering Digital Payments (UPI, RuPay, etc.) | 216 (FY 2021-22) → 572 (FY 2023-24) |
Key Drivers | UPI growth, QR codes, POS terminals, TPAPs, DIGIDHAN Mission |
Government Initiatives | Incentive Scheme for Banks (ISB), Digital Payment Awareness |
There are only a few countries in the world that start with the letter 'F,'…
South Korea and Thailand are two exciting Asian countries that attract millions of visitors every…
The Coca-Cola Company has appointed Hemant Rupani as the new Chief Executive Officer (CEO) of…
ACKO, one of India’s top digital insurance companies, has been chosen as the preferred insurance…
National News India’s First Digital Nomad Village Opens in Sikkim Yakten village in Pakyong district,…
In the third Test match held at Sabina Park, Kingston on 14 July 2025, the…