Whether it is ordering food from home or buying metro tickets without approaching the ticket counter, UPI payments have completely transformed how we live our daily lives. From small vendors to high-rise retailers, digital transactions are the new normal. Launched in 2016, UPI transaction volume grew from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24, with the value rising from ₹1 lakh crore to ₹200 lakh crore in the same period. This represents a compound annual growth rate (CAGR) of over 129% in volume and 138% in value. With the vision of a cashless and inclusive economy, many other countries like the UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius etc, have expressed their interest in replicating the same system.
