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INDIA RECORDS 45% GROWTH IN DIGITAL PAYMENT TRANSACTIONS VOLUME IN FY'18-23

The Business Guardian

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December 20, 2023

The digital payments transactions have reached Rs 11,660 crore in the current financial year FY24 as on 11 December, 2023, Minister of State for Finance Bhagwat Kisanrao Karad informed Rajya Sabha on Tuesday

- NIVEDITA MUKHERJEE

INDIA RECORDS 45% GROWTH IN DIGITAL PAYMENT TRANSACTIONS VOLUME IN FY'18-23

Riding on coordinated efforts of the Government with all stakeholders, India’s total digital payment transactions volume increased from Rs 2,071 crore in financial year 201718 to Rs 13,462 crore in FY 2022-23 at a compounded annual growth rate of 45 percent. The digital payments transactions have reached Rs 11,660 crore in the current financial year FY24 as on 11 December 2023, Minister of State for Finance Bhagwat Kisanrao Karad informed Rajya Sabha on Tuesday.

Digital payments have significantly increased in recent years, with the Government and RBI coordination to make digital payments user-friendly across retail to wholesale payments. While wholesale payments are made through Real Time Gross Settlement payment system, for retail payments, the payment products are

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