UPI Transactions Surge in India
Over 60 Lakh Crore Recorded in Q1 of FY23
The Unified Payments Interface (UPI) has witnessed an unprecedented surge in transactions in India, with a staggering 36% increase in the first quarter of the current fiscal year. As reported by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha, a total of 4122 crore UPI transactions were processed between April and June 2024, amounting to a massive Rs 60 lakh crore.
A Boost to Digital Payments
This sharp rise in UPI transactions reflects the growing adoption of digital payments in India. From a mere 125 billion transactions in 2019-20, the volume has soared to 131 billion in 2023-24, accounting for a remarkable 80% of all digital payments in the country.
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