India, March 11 -- The Government of India issued the following news release:
The "Incentive Scheme for the promotion of RuPay Debit Cards and low value BHIM-UPI transactions Person to merchant (P2M)" has significantly contributed to the growth of digital payments in the country. The total digital payment transactions have grown from 8,839 crore in FY 2021-22 to 18,737 crore in FY 2023-24, with a CAGR of 46%. This growth has been driven by Unified Payment Interface (UPI), which grew at a CAGR of 69%, increasing from 4,597 crore transactions in FY 2021-22 to 13,116 crore transactions in FY 2023-24.
UPI has captured around 70% of total digital payment transactions in FY 2023-24. Further, the digital payment infrastructure (i.e. QR code and ...