Is it true that UPI transactions in payments and transfers have grown rapidly?

In fact, grown rapidly is an understatement. The actual word should be exponentially. You must have experienced that UPI transactions have become commonplace for making purchases, ecommerce, POS payments, making money transfers and even to apply for IPOs. The Unified Payment Interface (UPI) has a lot of digital capabilities packed in a single unit. But the real story is of how it has captured the payment and transfer market in India.

Today, the UPI market in India is dominated by G-Pay, Phone Pe and Paytm, with smaller contributions coming from Amazon Pay and WhatsApp pay. All these are backed by marquee names. The market share of UPI in payments and transfers has gone from 9% in FY18 to 73% in FY21 and in FY22 it stands at 80%. Credit cards and debit cards combined are just 10% in India. That shows the dent that UPI has created in a short span.