Digital Payments Surge: UPI Records 1,946.79 Crore Transactions in a Month
India’s digital payment ecosystem has witnessed remarkable expansion, with transaction volumes soaring from 2,071 crore in FY 2017-18 to 22,831 crore in FY 2024-25 — a compound annual growth rate (CAGR) of 41%. Transaction values during the same period have surged from Rs. 1,962 lakh crore to Rs. 3,509 lakh crore, reflecting the country’s rapid shift towards cashless payments.
According to Minister of State for Finance Pankaj Chaudhary, who shared the figures in a written reply in the Lok Sabha today, monthly digital payment activity also showed significant growth. The total volume rose from 1,739 crore in June 2024 to 2,099 crore in June 2025, while the transaction value climbed from Rs. 244 lakh crore to Rs. 264 lakh crore over the same period.
UPI: The game-changer
Unified Payments Interface (UPI) has emerged as the biggest driver of this digital revolution. UPI transaction volumes have skyrocketed from just 92 crore in FY 2017-18 to a staggering 18,587 crore in FY 2024-25, achieving a CAGR of 114%. The value of UPI transactions during this period has increased from Rs. 1.10 lakh crore to Rs. 261 lakh crore.
📜 Brief History of UPI & NPCI
The Unified Payments Interface (UPI) was launched in April 2016 by the National Payments Corporation of India (NPCI) to enable instant, real-time bank-to-bank payments through mobile apps. It quickly revolutionized India’s payment landscape with its simplicity and interoperability.
NPCI, established in 2008, is an umbrella organisation for operating retail payments and settlement systems in India. It manages key payment products like RuPay, IMPS, BHIM, and FASTag, playing a pivotal role in the country’s transition towards a digital economy.
In July 2025, UPI achieved another historic milestone by recording 1,946.79 crore transactions in a single month — its highest-ever monthly tally.
Key numbers at a glance
| Metric | FY 2017-18 | FY 2024-25 | Growth/CAGR |
|---|---|---|---|
| Total digital payments – Volume (crore) | 2,071 | 22,831 | 41% CAGR |
| Total digital payments – Value (Rs. lakh crore) | 1,962 | 3,509 | — |
| UPI – Volume (crore) | 92 | 18,587 | 114% CAGR |
| UPI – Value (Rs. lakh crore) | 1.10 | 261 | — |
Recent monthly trend
| Period | Total volume (crore) | Total value (Rs. lakh crore) | UPI transactions (crore) |
|---|---|---|---|
| June 2024 | 1,739 | 244 | — |
| June 2025 | 2,099 | 264 | — |
| July 2025 (UPI milestone) | — | — | 1,946.79 |
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