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131 billion UPI transactions took place in India in the last financial year, PhonePe has a major share

PhonePe holds a 48.3 percent share in UPI transactions, while Google Pay’s share stands at 37.6 percent. However, Paytm Payments Bank has experienced a decrease in market share following restrictions imposed by the Reserve Bank of India (RBI).

In the last financial year, the country witnessed approximately 131 billion Unified Payments Interface (UPI) transactions, totaling around Rs 200 lakh crore. Data from the National Payments Corporation of India (NPCI) indicates that there were approximately 83.7 crore UPI transactions, amounting to about Rs 139 lakh crore.

UPI facilitates money transfers through mobile apps, reaching even rural areas, as highlighted by Finance Minister Nirmala Sitharaman. She emphasized that UPI transactions are not limited to big players like Adani and Ambani but also include ordinary citizens engaging in digital payments.

Sitharaman expressed confidence that India will emerge as the third-largest economy in the world in the coming years.

The UPI ecosystem has witnessed rapid expansion, both domestically and internationally. Recently, UPI services were launched in Sri Lanka and Mauritius, strengthening bilateral economic ties with these countries. Additionally, RuPay card services have been introduced in Mauritius, facilitating UPI transactions for Indian travelers to these destinations.

Prime Minister Narendra Modi hailed this development as a fusion of historical relations with modern digital technology, emphasizing UPI’s role in fostering alliances. He described it as a significant step for the Indian Ocean region, uniting countries through digital innovation.

Furthermore, the adoption of digital rupee is growing in India, aiding the Reserve Bank of India (RBI) in achieving its target of 10 lakh transactions per day by the end of the previous year. The Central Bank Digital Currency (CBDC), or e-Rupee, has been developed using distributed ledger technology as a digital alternative to cash.

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