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UPI TRANSACTIONS GREW BY 57 PC YOY: BCG REPORT
The Business Guardian
|July 30, 2024
Unified Payments Interface (UPI) transactions experienced substantial growth, increasing by 57 per cent YoY in FY24.
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Within this segment, PhonePe and Google Pay dominated, holding a combined market share of 86 per cent, according to Boston Consulting Group (BCG) Banking sector roundup- FY24.
A shift in digital payments was noted, with credit card transactions doubling over the past three years. In contrast, debit card transactions declined by 43 per cent yearon-year (YoY).
Over all the Indian banking system maintained a strong momentum in credit growth, which surged by 15 per cent, with a deposit growth of 13 per cent in FY24.
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