UPI dominates digital payments, sees explosive growth over five years

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UPI has transformed India’s digital payment landscape, making up 83% of total payment volume by 2024, a sharp rise from 34% in 2019. UPI transactions hit 17,221 crore, driving the overall payment volume to 20,787 crore. RBI highlights UPI’s impressive CAGR of 74% over five years in boosting digital payments in India.

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