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Digital payments soar, but some gaps remain
Financial Express Lucknow
|March 31, 2025
Sharp Growth
DIGITAL PAYMENTS SAW a major push amid the first Covid-19 induced lockdown in 2020, as the Unified Payments Interface (UPI) experienced explosive growth, transforming the digital payments landscape in India.
Between 2020 and 2024, UPI has witnessed dramatic traction, soaring from 2.23 billion transactions in December 2020 to 16.73 billion in December 2024, a growth of over 651%.
However, with UPI continuing to remain free for merchants, the ecosystem's participants are increasingly asking for charging a small fee on such transactions, in order to start making money from the service.
Cash, which was expected to see a reduction in usage, has touched an all-time high despite the rise in digital transactions.
Penetration of digital payments also remains a concern.
Denne historien er fra March 31, 2025-utgaven av Financial Express Lucknow.
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