UPI transactions grew from US$ 12.0 billion (Rs. 1 lakh crore) in FY 2017-18 to US$ 1.66 trillion (Rs. 139 lakh crore) in FY 2022-23 in value, at a CAGR of 168%.

UPI transactions surged from 92 crore in FY 2017-18 to 8,375 crore in FY 2022-23, achieving a 147% CAGR in volume. The transaction value grew from US$ 12 billion (Rs. 1 lakh crore) to US$ 1.66 trillion (Rs. 139 lakh crore), marking a substantial 168% CAGR.

In the ongoing FY23, UPI has already recorded 8,572 crore transactions, contributing 62% to digital payments. The growth in the value of bank notes in circulation has reduced from 9.9% in FY21-22 to 7.8% in FY22-23.

Government initiatives include incentivizing RuPay Debit cards and BHIM UPI transactions, advisories for payment infrastructure improvement, and setting digital payment targets for banks. The Pradhan Mantri Gramin Digital Saksharta Abhiyaan enhances digital literacy in rural India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.