Digital payments in India jump tenfold in seven years as UPI transactions soar
New Delhi: Digital payments in India have surged more than tenfold over the past seven years, according to data shared in Parliament on Monday by the Ministry of Finance, as cited by NDTV.
The overall value of digital transactions has increased from 2,071 crore in FY 2017-18 to 22,831 crore in FY 2024-25. This increase represents a compound annual growth rate (CAGR) of 41%. The data also revealed that the transaction value has grown from ₹1,962 lakh crore to ₹3,509 lakh crore.
UPI transactions in India jumped from 92 crore in FY 2017-18 to 18,587 crore in FY 2024-25, reflecting a compound annual growth rate (CAGR) of 114%. The total value of UPI transactions rose from ₹1.10 lakh crore to ₹261 lakh crore during the same period.
The spike comes days after new UPI rules took effect, requiring payment apps to display the final status of transactions instantly and imposing strict timelines for processing auto-pay mandates.
Meanwhile, Reserve Bank of India Governor Sanjay Malhotra emphasised that while the country remains committed to making digital payments efficient, secure, and accessible, the sustainability of the supporting infrastructure must not be overlooked.
“I never said that UPI can’t remain free forever… there are costs, and these costs have to be paid by someone. The government is subsidising it right now, but the real question is, who pays for it," NDTV Profit quoted Malhotra as saying.
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Rickelton's ton in vain as SRH beat MI by 6 wickets
Mumbai (PTI): Ryan Rickelton's whirlwind unbeaten ton was overshadowed by Heinrich Klaasen's unbeaten 65 as Sunrisers Hyderabad defeated Mumbai Indians by six wickets in an IPL match here on Wednesday.
Chasing an imposing 244-run target, Travis Head (76 off 30) and Abhishek Sharma (45 off 24) shared 129 runs for the opening wicket to set the platform for SRH.
Klaasen (65 not out off 30 balls) then displayed his all-round hitting abilities to guide SRH home with the help of Nitish Kumar Reddy (21) and Salil Arora (30 not out off 10) in 18.4 overs.
Earlier, Rickelton's knock powered MI to 243 for five.
MI rode on a 93-run stand between Rickelton (123 not out off 55 balls) and Will Jacks (46 off 22) in 7.1 overs for the opening stand to power the side.
MI skipper Hardik Pandya scored a valuable 31 off 15 balls before being dismissed.
Praful Hinge (2/54), Eshan Malinga (1/29), Sakib Hasan (1/39) and Nitish Kumar Reddy (1/31) were the wicket-takers for SRH.
Brief Scores:
Mumbai Indian: 243 for 5 in 20 overs (Ryan Rickelton 123 not out; Praful Hinge 2/54).
Sunrisers Hyderabad: 249 for 4 in 18.4 overs (Travis Head 76, Heinrich Klaasen 65 not out; AM Ghazanfar 2/51).
