UPI transactions in India increased 57% YoY in FY24, led by PhonePe and Google Pay with 86% market share.

UPI transactions in India surged by 57% YoY in FY24, with PhonePe and Google Pay dominating at 86% market share. Credit card transactions doubled over three years, while debit card transactions declined 43% YoY. The banking system showed robust credit growth of 15% coupled with 13% deposit growth. For the first time, banking sector net profit surpassed Rs 3 lakh crore, with all groups achieving a return on assets greater than 1%.