Indian Economy News

India recorded about 131 billion UPI transactions in FY24, says Minister of Finance

  • IBEF
  • April 30, 2024

The Minister of Finance, Ms. Nirmala Sitharaman, announced at the 'Viksit Bharat Ambassador' event that India witnessed a remarkable surge in digital payments, with approximately 131 billion Unified Payments Interface (UPI) transactions amounting to US$ 2.39 trillion (Rs. 200 trillion) in FY24. She highlighted the widespread adoption of digital payment technology even in rural areas, emphasizing that it's not just conglomerates but also ordinary citizens participating in these transactions. Sitharaman underscored the role of PhonePe and Google Pay, which collectively hold an 86% market share by transaction volume, while Paytm Payments Bank faced a decline following RBI restrictions in January. She reiterated the government's commitment to combat corruption and ensure India's development, with Prime Minister Mr. Narendra Modi's vision aiming to propel India to the third-largest economy status.

Ms. Sitharaman's remarks reflect confidence in India's trajectory towards becoming a major global economic player under Mr. Narendra Modi’s leadership, underscoring the importance of integrity in governance for sustainable growth.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.