Online transactions are increasingly becoming popular across the country. The volume surged from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24, reflecting a compound annual growth rate (CAGR) of 44 percent.
India’s digital payments ecosystem is undergoing a significant transformation, with the Unified Payments Interface (UPI) taking the lead in facilitating these transactions.
UPI is playing a crucial role in promoting financial inclusion, encouraging merchant adoption, and enabling cross-border transactions. According to a recent report by The Digital Fifth, UPI accounts for 84 percent of all digital transactions in the country.
A recent industry report indicates that UPI accounts for 84 percent of all digital transactions in India, reinforcing its status as a technological innovation and a benchmark for digital-first economies globally.
