New Delhi:
According to the information given by the Central Government, in FY 2025, till January this year, Digital Payment Transactions including UPI (Unified Payments Interface) have been recorded more than 18,120 crore, in which the Transaction Value has crossed Rs 2,330 lakh.
The total digital payment transaction in FY 2021-22 increased from 8,839 crore to 18,737 crore in FY 2023-24, with a CAGR of 46 percent.
Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in the Rajya Sabha that the increase was due to the Unified Payment Interface (UPI), which increased from a CAGR of 69 percent and increased from 4,597 crore transactions in FY 2021-22 to 13,116 crore in FY 2023-24.
About 70% of digital payment transaction achieved from UPI
The Union Minister informed that in FY 2023-24, about 70 percent of the total digital payment transactions has been achieved by UPI (UPI transactions). In addition, Digital Payment Infrastructure (QR Code and POS Terminal), Onboarding of new traders and third party app provider (TPAP) have also increased to a great extent during the scheme period.
Digidhan Mission starts to strengthen digital payment ecosystem
The government has launched the Digidhan Mission to promote digital payments and strengthen digital payment ecosystem in the country. To encourage banks and other ecosystem partners to promote UPI and Digital Payments, an encouraging plan has been implemented from FY 2021-22 to encourage banks and other ecosystem partners. Went. A dedicated incentive scheme (ISB) portal for banks has also been developed for creating awareness and data collection.
As a result, the number of banks offering digital payments including UPI Payments has increased from 216 in FY 2021-22 to 572 in FY 2023-24.
The ‘Incentive Scheme’ has contributed significantly to promote the RuPI Transaction Person to Merchant (P2M) in the development of digital payments in the country.