Posted 12/18/2023, 3:41:45 PM
UPI Transactions Skyrocket Over 150% CAGR as Digital Payments Dominate
- UPI transactions have surged from ₹92 crore in FY 2017-18 to ₹8,375 crores in FY 2022-23, a 147% CAGR increase
- The value of UPI transactions has risen from ₹1 lakh crore in FY 2017-18 to ₹139 lakh crores in FY 2022-23, a 168% CAGR
- In the current financial year until Dec 11, UPI achieved 8,572 crore transactions
- UPI makes up 62% of all digital payments transactions in FY 2022-23
- Growth rate of bank notes in circulation has dropped from 9.9% in FY 2021-22 to 7.8% in FY 2022-23