Mumbai . The Unified Payment Interface (UPI) stake in India's digital payment systems has increased to 83 percent in 2024, which was 34 percent in 2019. During this period, UPI has increased by a compound average growth rate (CAGR) of 74 percent. This information was given in a report by RBI.
The Reserve Bank of India (RBI) report stated that the share of other payment systems like RTGS, NEFT, IMPS, credit card and debit cards fell from 66 percent to 17 percent during the review period.
The report stated that UPI is playing an important role in furthering the country's digital payment system. The reason for this is to use UPI easier.
The volume of UPI transactions has increased to 17,221 crore in 2024, which was 375 crores in 2018. During this period, the value of total transactions has increased from Rs 5.86 lakh crore to Rs 246.83 lakh crore.
The report said that the volume and value of UPI has increased by 89.3 percent and 86.5 percent in the last five years.
Both P2P (PersontoPerson) and P2M (PersontoCrachant) transactions take advantage of the safe and realtime payment capabilities of UPI, making it dependent on traditional and timetaking methods for individuals and businesses. It becomes easier to do without financial transactions.
The volume of UPI P2M transactions, UPI P2P has exceeded the volume of transactions. However, the UPI P2P transactions in the value are still more than the UPI P2M transaction.
In the last few years, the great progress of UPI and more available digital payment options have seen a strong increase in digital payments in India. In 2024 alone, 208.5 billion digital payment transactions have been recorded in India.
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Image Credit: KhasKhabar.