Massive Growth in Digital Payments (2013-2024)
Value: Digital payments grew 3.5 times, from ₹772 lakh crore in 2013 to ₹2,758 lakh crore in 2024.
Volume: The number of digital transactions surged from 222 crore in 2013 to over 20,787 crore in 2024.
Unified Payments Interface (UPI) is the primary driver of this growth, consolidating multiple bank accounts into a single mobile platform.
UPI’s share in the digital payments volume grew significantly from 34% in 2019 to 83% in 2024.
However, UPI made up just 30% of the value of digital transactions, indicating more high-value transactions through other methods.
Surge in UPI Transactions (2018-2024)
The volume of UPI transactions increased 46 times, from 375 crore in 2018 to 17,221 crore in 2024.
In value, UPI transactions rose from ₹18.37 lakh crore in 2019 to ₹246.83 lakh crore in 2024.
Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions both grew, with P2M transactions showing faster growth in volume.
COMMENTS