UPI transactions surge; Phone Pay and Google Pay have conquered the market

 

57 percent growth in Unified Payment Interface (UPI) transactions in the country. The number of UPI transactions has increased from 12.5 billion in 2019-20 to 131 billion in 2023-24. Phone Pay and Google Pay dominate UPI transactions. The total market share of both the companies is 86 percent. This is stated in the Boston Consulting Group (BCG) Banking Sector Roundup Report. Credit card transactions have doubled in the last three years. At the same time, debit c