In the first quarter of FY25, UPI transactions in India grew by over 36%, totalling Rs. 60 trillion (US$ 718.30 billion), as reported to the Parliament by Minister of State for Finance, Mr. Pankaj Chaudhary. Between April and June, 41.22 billion UPI transactions valued at Rs. 60 trillion (US$ 718.30 billion) were recorded, marking a significant increase compared to 27.62 billion transactions worth Rs. 44 trillion (US$ 526.76 billion) in the same period the previous year. For the entire FY24, there were 131.13 billion UPI transactions amounting to Rs. 200 trillion (US$ 2.39 trillion), reflecting the rapid adoption and growth of digital payments in India. In comparison, FY23 saw 83.71 billion transactions valued at Rs. 139 trillion (US$ 1.66 trillion), and FY22 recorded 45.96 billion transactions worth Rs. 84 trillion (US$ 1.00 trillion).
Mr. Chaudhary also announced the introduction of a cardless cash deposit facility through UPI on an interoperable basis, currently offered by select banks. To enhance security, customers can deposit a maximum of Rs. 50,000 (US$ 594.73) per transaction, with banks allowed to set lower limits based on their risk policies. The National Payments Corporation of India (NPCI) has been tasked with setting guidelines for the number of Interoperable Cash Deposit (ICD) transactions permitted per depositor. Additionally, transaction messages will now include depositor details and explicitly indicate that it is a cash deposit transaction, ensuring transparency and security in the process.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.