New Delhi, Jan 22 (KNN) Union External Affairs Minister S Jaishankar stated that India has seen a remarkable shift towards cashless payments, highlighting that Indians now make more cashless transactions in a month than the entire United States does in three years during his interaction with the Indian community in Nigeria on Sunday.

Jaishankar emphasised the deep integration of technology into daily life, particularly in the realm of payments, where cash usage has significantly declined.

The minister pointed out five major examples showcasing India's transformation over the past decade, including the adoption of Unified Payments Interface (UPI), the 5G stack, and successful COVID-19 vaccination campaigns.

Highlighting the evolution of UPI in the digital payment sector, Jaishankar noted that in the fiscal year 2022-23, India witnessed an exceptional surge in UPI transactions, reaching 8,375 crore transactions.

This marked a remarkable compound annual growth rate (CAGR) of 147 per cent in volume, making UPI a dominant player, contributing to 62 per cent of digital payment transactions.

The Reserve Bank of India (RBI) reported that UPI transactions reached a total value of Rs 17.4 lakh crore in December 2023.

The value of UPI transactions has seen substantial growth, rising from Rs 1 lakh crore in FY 2017-18 to Rs 139 lakh crore in FY 2022-23, reflecting a CAGR of 168 per cent.

Last year, the RBI took steps to enhance UPI's acceptance, including raising payment limits for specific sectors and introducing features like 'instant credit via UPI' and 'UPI Lite X,' aimed at expanding digital payments to remote locations.

The data underscores the growing acceptance and usage of UPI, indicating a significant milestone in India's journey towards a cashless economy.

(KNN Bureau)