New Delhi, April 29 -- India recorded about 131 billion Unified Payments Interface (UPI) transactions with a total value of Rs.200 trillion in FY24, finance minister Nirmala Sitharaman said on Monday. In FY23, about 83.7 crore transactions worth Rs.139 trillion were conducted through UPI, according to data from the National Payments Corporation of India (NPCI), which runs UPI.

Addressing the 'Viksit Bharat Ambassador' event at GITAM in Visakhapatnam, Sitharaman said Indianshave been adopting the digital payments technology even in rural areas. "OrdinarycitizensofIndiaaredoingthese kindsof (UPI) transactions. ThesearenotjustAdanisandAmbanis,theyareordinarysellers," Sitharaman said.

As things stand, PhonePe (48.3%) and Google Pay (37.6%) ...