UPI transactions grew from 1 lakh cr to 139 lakh cr in 5 years
The Year-on-Year growth in the value of banknotes in circulation has decreased from 9.9% in FY 2021-22 to 7.8% in FY 2022-23.
Unified Payments Interface (UPI) transactions have grown from 92 crore in FY 2017-18 to 8,375 crore in FY 2022-23 at a Compound Annual Growth Rate (CAGR) of 147% in terms of volume. Similarly, the value of UPI transactions has grown from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23 at a CAGR of 168%.
UPI has achieved 8,572 crore transactions during the current financial year till 11th December 2023. UPI has been the major driving force in the overall growth of digital payment transactions in the country accounting for 62% of digital payment transactions in FY 2022-23.
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The Year-on-Year growth in the value of banknotes in circulation has decreased from 9.9% in FY 2021-22 to 7.8% in FY 2022-23.
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