India's UPI transactions witness exponential growth, reaching ₹8375 crores in just 5 years

UPI transactions in India have surged from ₹92 crore in FY 2017-18 to ₹8,375 crore in FY 2022-23, with a Compound Annual Growth Rate (CAGR) of 147% in terms of volume. The value of UPI transactions has also risen from ₹1 lakh crore to ₹139 lakh crore, exhibiting a CAGR of 168%. UPI has become the primary driver for the expansion of digital payment transactions, constituting 62% of such transactions in FY 2022-23. The growth of UPI has contributed to a reduction in the growth of bank notes in circulation to 7.8% in the last fiscal year.