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India’s Monthly Cashless Transactions exceed than of 3 Yrs in US admin February 3, 2024

India’s Monthly Cashless Transactions exceed than of 3 Yrs in US

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India s Monthly Cashless Transactions Exceed Than 3 Years In US

Union External Affairs Minister S Jaishankar stated that India has seen a remarkable shift towards cashless payments, highlighting that Indians now make more cashless transactions in a month than the entire United States does in three years.

 

Highlighting the evolution of UPI in the digital payment sector, Jaishankar noted that in the fiscal year 2022-23, India witnessed an exceptional surge in UPI transactions, reaching 8,375 crore transactions. This marked a remarkable compound annual growth rate (CAGR) of 147% in volume, making UPI a dominant player, contributing to 62% of digital payment transactions.
 

The Reserve Bank of India (RBI) reported that UPI transactions reached a total value of Rs 17.4 lakh crore in December 2023. The value of UPI transactions has seen substantial growth, rising from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23, reflecting a CAGR of 168%.
 

The data underscores the growing acceptance and usage of UPI, indicating a significant milestone in India's journey towards a cashless economy.

 

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