During the central bank’s Digital Payments Awareness Week programme, Reserve Bank of India Governor Shaktikanta Das announced that digital transactions in India have grown 90-fold in the past 12 years. He noted that India accounts for 46% of all digital payments worldwide and that UPI transactions now constitute 80% of all digital payments in India.
According to the governor, the share of UPI in digital payments reached close to 80% in 2023. He added that the volume of UPI transactions increased from 43 crore in CY-2017 to 11,761 crore in CY-2023, and about 6.65 crore UPI users were added between March 1, 2023, and January 31, 2024.
Governor Das highlighted that retail digital payments in India have grown from 162 crore transactions in FY2012-13 to over 14,726 crore transactions in 2023-24 (till February 2024), which is approximately a 90-fold increase over 12 years. He also commented that the UPI is the biggest contributor to the growth of digital payments in India and has become the most talked-about fast payment system worldwide.
