India recorded about 131 billion UPI transactions in FY24, says finance minister | Today News (2024)

India recorded about 131 billion Unified Payments Interface (UPI) transactions with a total value of ₹200 trillion in FY24, finance minister Nirmala Sitharaman said on Monday. In FY23, about 83.7 crore transactions worth ₹139 trillion were conducted through UPI, according to data from the National Payments Corporation of India (NPCI), which runs UPI.

Addressing the 'Viksit Bharat Ambassador' event at GITAM in Visakhapatnam, Sitharaman said Indianshave been adopting the digital payments technology even in rural areas. "OrdinarycitizensofIndiaaredoingthese kindsof (UPI) transactions. ThesearenotjustAdanisandAmbanis,theyareordinarysellers," Sitharaman said.

As things stand, PhonePe (48.3%) and Google Pay (37.6%) have a nearly 86% share of the UPI market by volume (number of transactions), according to NPCI data. Paytm Payments Bank, which is a distant third, saw its market share fall after the Reserve Bank of India (RBI) imposed restrictions on it in January. The next two, Cred and the Axis Bank app, have a market share of less than 1% each.

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Sitharaman also said that while the government has set a target of making India a developed nation by 2047, it will become the third-largest economy in the coming years. "India has come to the fifth rank and a visionary prime minister whowillmake sure that corruption doesn't eat into the goodwill and the earnings of the common people. Because when corruption happens, it is your money, my money and others' monieswhicharegoingintosomeblackhole," she said.

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"Therefore,thereisaguaranteebeinggivenbyPrimeMinisterModithatwith goodadministration,cleanadministration,hewillensurethatIndiawillreach the thirdrank. It is not anarithmeticinevitability," she added.

The FM was responding to a statement by former finance minister P Chidambaram, who said that India will become the world's third-largest economy no matter who is prime minister. He said India would achieve the feat given the size of its population, and there was "no magic" involved in it.