In the first five months (April-August) of the financial year 2024-25, 8,659 crore digital payments were made and a total amount of Rs 1,669 lakh crore was transferred through them. In the financial year 2017-18, 2,071 crore digital transactions were made and an amount of Rs 1,962 lakh crore was transferred through them.
During this period, the number of transactions has increased at a compound annual growth rate (CAGR) of 44%. At the same time, the amount transacted has also almost doubled. The Finance Ministry has given this information.
UPI transactions to grow at a CAGR of 138% between FY 2018 and 2024
At the same time, the transaction value of Unified Payments Interface i.e. UPI has increased from Rs 1 lakh crore to Rs 200 lakh crore at a CAGR i.e. Compound Annual Growth Rate of 138%. Apart from this, the total transaction value has increased to Rs 101 lakh crore in the last 5 months (April-August Financial Year 2024-25). This information has been given by the Finance Ministry.
A record 1,496 crore UPI transactions took place in August
In August, 1,496 crore transactions were done through UPI (Unified Payment Interface). During this period, a total amount of Rs 20.61 lakh crore was transferred. There has been an increase of 41% in the number of transactions as compared to August last year.
In August 2023, 1,059 crore transactions were done through UPI and an amount of Rs 15.77 lakh crore was transferred through it. This amount has increased by about 31% in a year. Talking about the daily average transaction in August 2024, it was 48 crore 30 lakh and an average amount of Rs 66,475 crore was transferred daily.
UPI is operated by NCPI
In India, the operation of RTGS and NEFT payment systems is with RBI. Systems like IMPS, RuPay, UPI are operated by the National Payment Corporation of India (NPCI). The government had made a zero-charge framework mandatory for UPI transactions from January 1, 2020.
How does UPI work?
For UPI service, you have to create a virtual payment address. After this, it has to be linked to the bank account. After this, there is no need to remember your bank account number, bank name or IFSC code etc. The person making the payment simply processes the payment request according to your mobile number.
If you have his/her UPI ID (e-mail ID, mobile number or Aadhaar number) then you can easily send money through your smartphone. Not only money but you will also not need net banking, credit or debit card for utility bill payment, online shopping, shopping etc. You can do all these tasks through Unified Payment Interface system.
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