UPI transactions have grown from 92 crore in 2017-18 to 8,375 crore in 2022-23 at a Compound Annual Growth Rate (CAGR) of 147% in terms of volume
New Delhi: Unified Payments Interface (UPI) has been the major driving force in the overall growth of digital payment, and helped in reducing banknotes in circulation to 7.8% in the last financial year, the government said on Monday.
UPI transactions have grown from 92 crore in 2017-18 to 8,375 crore in 2022-23 at a Compound Annual Growth Rate (CAGR) of 147% in terms of volume, Minister of State for Finance Bhagwat K Karad said in a written reply to Lok Sabha.
Similarly, he said, the value of UPI transactions has grown from Rs 1 lakh crore in 2017-18 to Rs 139 lakh crore in 2022-23 at a CAGR of 168%.
UPI has achieved 8,572 crore transactions during the current financial year till December 11, 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 2022-23. The Year-on-Year growth in the value of banknotes in circulation has decreased from 9.9% in 2021-22 to 7.8% in 2022-23,” he said.
