Progress in Digital Payment Transactions:
Digital payments have significantly increased in recent years as a result of coordinated efforts of the Government with all stakeholders. The total digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 18,592 crore in FY 2023-24 at CAGR of 44%.
Digital Payment Transactions has seen a tremendous growth especially after FY 2013-14. The digital payment transactions have grown from 220 crore in FY2013-14 to 18,592 Crore in FY2023-24. During the same period, the value of transactions has grown from ₹ 952 lakh crore to ₹ 3,658 lakh crore.
A. Unified Payments Interface (UPI):
UPI is an indigenous digital payment system which provides the facility of quick and easy payments from multiple bank accounts in a single mobile application. UPI has revolutionized 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%. The UPI transactions are expected to cross 20,000 crores in FY2024-25 are estimated.
B. Internationalization of Digital Payments:
• India’s indigenously developed UPI and RuPay cards are world class platforms for enabling digital payments. Government is making efforts to promote these products globally.
• At present UPI is fully functional and live in UAE, Bhutan, and Singapore, UPI is technically live and pilot tests completed in Nepal, Mauritius, France, and Sri Lanka. Commercial deployment of the payment mode is anticipated soon.
• RuPay cards acceptance is live in Nepal, Bhutan, Singapore, and UAE (Technically live in Maldives).
C. Digital Payment Infrastructure:
Coordinated efforts of ecosystem partners have led to an exponential growth in digital payments acceptance infrastructure in the country, increasing from 0.31 crore in FY 2017-18 to 26.95 crore in FY 2022-23. As per RBI data till 31st March 2024, the number of payment acceptance infrastructure is 36.14 crore.