digital payments – storyboard18

UPI dominates India’s digital payment landscape; Transactions surge by 73% in 18 months

PayNearby latest report highlighted a significant growth in cash withdrawal transactions in Northeast India, with Mizoram, Meghalaya, Nagaland, and Assam leading the way in digital financial inclusion.

PhonePe accounted for 49.28 percent of all UPI transaction volume as of June 2024, followed by Google Pay at 37.45 percent and Paytm at 8.11 percent.

UPI to reach 1 billion transactions per day in FY28: PwC report

The pandemic accelerated the shift towards digital payments, and UPI has emerged as the preferred platform for seamless financial transactions.

A prepaid wallet was tailored for foreign visitors from the G20 countries allowing them to experience the ease of P2M payments of UPI, garnering everyone’s
attention during the last G20 summit in India.

16 mn new credit cards added in FY 2023-24, total reaches 100 mn: Report

With the addition of new cards, the industry has also seen 22% and 28% surge in transactional volume and value respectively. (Photo by rupixen on Unsplash)

Debit cards have seen a dip in both transactions volume and value owing to the shift in preferences by cardholders.