New Delhi [India], December 18 : Unified Payments Interface (UPI) transactions have grown from 92 crore in financial year 2017-18 to 8,375 crore in 2022-23 at a compound annual growth rate (CAGR) of 147 per cent in terms of volume, Union Minister of State for Finance Bhagwat Karad in a written reply in Lok Sabha on Monday.
Similarly, the value of UPI transactions has grown from Rs 1 lakh crore in 2017-18 to Rs 139 lakh crore in 2022-23 at a CAGR of 168 per cent.
UPI has achieved 8,572 crore transactions during the current financial year till December 11, 2023.
UPI has been the major driving force in the overall growth of digital payment transactions in the country accounting for 62 per cent of digital payment transactions in 2022-23, the minister said in the reply.
Separately, the minister informed the House that the year-on-year growth in the value of banknotes in circulation has decreased from 9.9 per cent in 2021-22 to 7.8 per cent in 2022-23.
The Unified Payments Interface (UPI) is India's mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly using a Virtual Payment Address (VPA) created by the customer.
It has become hugely popular for retail digital payments in India, and its adoption is increasing at a rapid pace.
India has emerged as one of the fastest-growing ecosystems for fintech innovation and the government and the central bank have been instrumental in driving the globalisation of India's digital payment infrastructure.
A key emphasis of the Indian government has also been on ensuring that the benefits of UPI are not limited to India alone; other countries, too, benefit from it.
So far, several countries, including Sri Lanka, France, the UAE, and Singapore, have partnered with India on emerging fintech and payment solutions.
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