Digital payments

While I haven't been a strong supporter of the incumbent Indian government, my recent visit to the bank to withdraw cash highlighted the positive digital transformation taking place in the nation. Carrying a wallet has certainly become a thing of the past for me, but I hadn't realized how deeply digital adoption has penetrated the community. India leads the global pack in the volume of digital transactions, even if not immediately in value. The total digital payment transaction volume increased from 2,071 crore in 2018 to 18,592 crore in 2024 at a CAGR of 44%. During the same period, the value of transactions grew from ₹952 lakh crore to ₹3,658 lakh crore. UPI transactions have grown from 92 crore in 2018 to 13,116 crore in 2024 at a CAGR of 129%. UPI transactions are expected to cross 20,000 crore in 2025. UPI now accounts for 70% of digital payment transactions

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