{"id":171062,"date":"2025-03-13T13:11:02","date_gmt":"2025-03-13T07:41:02","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=171062"},"modified":"2025-03-13T13:11:03","modified_gmt":"2025-03-13T07:41:03","slug":"digital-payment-transactions-grow-by-46-from-fy-2021-22-to-fy-2023-24","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/digital-payment-transactions-grow-by-46-from-fy-2021-22-to-fy-2023-24\/","title":{"rendered":"Digital Payment Transactions Grow by 46% from FY 2021-22 to FY 2023-24"},"content":{"rendered":"\n<p>In India, digital payment transactions jumped from 8,839 crore in FY 2021-22 to an impressive 18,737 crore in FY 2023-24, reflecting a remarkable 46% CAGR (Compound Annual Growth Rate). A significant part of this growth can be attributed to the Unified Payments Interface (UPI), which experienced a phenomenal CAGR of 69%, reaching 13,116 crore transactions in FY 2023-24 and capturing more than 70% of the total digital payment market. The \u201cIncentive Scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M)\u201d has been a key player in this expansion, motivating people all over the country to go digital with their transactions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Key Highlights of Digital Payment Growth (FY 2021-22 to FY 2023-24)<\/h3>\n\n\n\n<p><strong>1. Growth in Digital Transactions<\/strong><\/p>\n\n\n\n<p><strong>Total Digital Payments<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FY 2021-22 \u2013 8,8<\/li>\n\n\n\n<li>Transactions (46% growth)<\/li>\n<\/ul>\n\n\n\n<p><strong>UPI Transactions<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>FY 2021-22 \u2013 4,597 crore transactions<\/li>\n\n\n\n<li>FY 2023-24 \u2013 13,116 crore transactions (69% CAGR)<\/li>\n\n\n\n<li>UPI Share in Total Digital Transactions (FY 2023-24) \u2013 70%<\/li>\n<\/ol>\n\n\n\n<p><strong>2. Factors Driving Digital Payment Growth<\/strong><\/p>\n\n\n\n<p>UPI\u2019s Dominance: Rapid adoption of UPI for seamless and instant transactions.<\/p>\n\n\n\n<p><strong>Expansion of Digital Payment Infrastructure<\/strong><\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Widespread adoption of QR codes &amp; POS terminals.<\/li>\n\n\n\n<li>Increased participation of Third-Party App Providers (TPAPs).<\/li>\n<\/ol>\n\n\n\n<p><strong>Increase in Banks Offering Digital Payment Services<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FY 2021-22 \u2013 216 banks.<\/li>\n\n\n\n<li>FY 2023-24 \u2013 572 banks.<\/li>\n<\/ul>\n\n\n\n<p><strong>3. Role of the Government in Promoting Digital Payments<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>DIGIDHAN Mission:<\/strong>\u00a0Established to strengthen India\u2019s digital payment ecosystem.<\/li>\n<\/ul>\n\n\n\n<p>Incentive Scheme for Banks (ISB) Portal<\/p>\n\n\n\n<p>\u2022 Focused on building awareness and ensuring easy data collection.<\/p>\n\n\n\n<p>\u2022 Inspires banks to advocate for UPI and RuPay payment methods.<\/p>\n\n\n\n<p>\u2022 Stakeholder Consultations: Working closely with banks and fintech partners to enhance implementation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In India, digital payment transactions jumped from 8,839 crore in FY 2021-22 to an impressive 18,737 crore in FY 2023-24, reflecting a remarkable 46% CAGR (Compound Annual Growth Rate). A significant part of this growth can be attributed to the Unified Payments Interface (UPI), which experienced a phenomenal CAGR of 69%, reaching 13,116 crore transactions [&hellip;]<\/p>\n","protected":false},"author":419,"featured_media":171063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5364],"tags":[1537,82],"offerexpiration":[],"class_list":["post-171062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-march-2025","tag-digital-payments","tag-economy-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/171062","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/419"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=171062"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/171062\/revisions"}],"predecessor-version":[{"id":171064,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/171062\/revisions\/171064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/171063"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=171062"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=171062"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=171062"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/offerexpiration?post=171062"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}