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UPI transactions grow 57% Yoy, PhonePe and GPay dominate market share: Report
Update / Judgement Date
29 Jul 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
BankingFinancial ManagementRBI
In June 2024, Unified Payments Interface (UPI) transactions surged 57% year-on-year, reaching a record 11.4 billion transactions valued at ₹17.5 lakh crore. PhonePe and Google Pay (GPay) lead the market, with PhonePe holding a 47% share and Google Pay 34%. The growth reflects the increasing adoption of digital payments in India. The UPI system, known for its seamless and secure transactions, has gained significant traction among users and businesses. This expansion underscores the digital payment ecosystem's robustness and the ongoing shift towards cashless transactions in India.
