New Delhi, March 12 (IANS). According to the information given by the central government, in the financial year 2025, till January this year, the digital payment transaction including UPI has been recorded more than 18,120 crores, with the transaction value of Rs 2,330 lakh crore.
The total digital payment transaction in FY 2021-22 increased from 8,839 crore to 18,737 crore in FY 2023-24, with a CAGR of 46 percent.
Minister of State for Finance Pankaj Chaudhary said in a written reply to a question in the Rajya Sabha that the increase was due to the Unified Payment Interface (UPI), which increased by 69 percent CAGR and increased from 4,597 crore transactions in FY 2021-22 to 13,116 crore in FY 2023-24.
The Union Minister informed that UPI has acquired about 70 percent of the total digital payment transaction in FY 2023-24. In addition, Digital Payment Infrastructure (QR Code and POS Terminal), onboarding of new traders and third party app provider (TPAP) have also increased to a large extent during the scheme period.
The government has launched the Digidhan Mission to promote digital payment in the country and strengthen digital payment ecosystem.
An incentive scheme has been implemented from FY 2021-22 to encourage banks and other ecosystem partners to promote UPI and digital payment.
While designing the plan, consultations were consulted with stakeholders including banks. A dedicated incentive scheme (ISB) portal for banks has also been developed for creating awareness and data collection.
As a result, the number of banks offering digital payments including UPI payment has increased from 216 in FY 2021-22 to 572 in FY 2023-24.
The ‘Incentive Scheme’ has contributed significantly to promote the RuPI Transaction Person to Merchant (P2M) in the development of digital payments in the country.
-IANS
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