UPI Transactions Surge: 36% Growth in First Quarter of Fiscal Year

UPI transactions surged by over 36% to reach Rs 60 lakh crore in the first quarter of the current fiscal year, as revealed by Minister of State for Finance, Pankaj Chaudhary. A significant number of transactions, totaling 4,122 crore, occurred from April to June 2024-25.

UPI transactions in the first three months of the current fiscal have surged by over 36% to Rs 60 lakh crore, Parliament was informed on Monday.

Minister of State for Finance Pankaj Chaudhary shared in the Lok Sabha that 4,122 crore UPI transactions worth Rs 60 lakh crore were recorded between April and June in the fiscal year 2024-25.

In comparison, 2,762 crore UPI transactions with a total value of Rs 44 lakh crore took place during the same period last year.

For the entire fiscal year 2023-24, 13,113 crore UPI transactions amounting to Rs 200 lakh crore were completed, marking a continuous upward trend from previous years.

During FY23, there were a total of 8,371 crore UPI transactions valued at Rs 139 lakh crore, while FY22 saw 4,596 crore transactions worth Rs 84 lakh crore.

Chaudhary also mentioned the introduction of cardless cash deposits through UPI, now available at select banks with a maximum transaction limit of Rs 50,000.

The National Payments Corporation of India (NPCI) has been tasked to oversee the permissible number of Interoperable Cash Deposit transactions and ensure the secure capture of depositor details in transaction messages.

(With inputs from agencies.)