(MENAFN- Live Mint) "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 the 'Viksit Bharat Ambassador' event at GITAM in Visakhapatnam, Sitharaman said Indians
have been adopting the digital payments technology even in rural areas. \"Ordinary
citizens
of
India
are
doing
these kinds
of (UPI) transactions. These
are
not
just
Adanis
and
Ambanis,
they
are
ordinary
sellers,\" Sitharaman said 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 read: India to expand scope of Digital Stack exports to global south nationsSitharaman 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 who
will
make 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' monies
which
are
going
into
some
black
hole,\" she said.
Also read: India UPI Power: List of countries where Bharat's Unified Payments Interface can be used to make digital payments\"Therefore,
there
is
a
guarantee
being
given
by
Prime
Minister
Modi
that
with good
administration,
clean
administration,
he
will
ensure
that
India
will
reach the third
rank. It is not an
arithmetic
inevitability,\" she added 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 read: Digital public infrastructure could help India become an $8-trillion economy by 2030: Report
MENAFN29042024007365015876ID1108151271
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.