Unified Payments Interface (UPI) saw yet another record being set in April as it recorded 558 crore transactions, its highest ever, amounting to Rs 9.83 lakh crore. In comparison last year in April 2021, UPI had processed 2.64 crore transactions worth Rs 4.93 lakh crore.
It has been a steady climb up for the payment interface, now recording 20 crore transactions for this year alone. As per a ACI Worldwide's report, India led the world in real-time payment transactions in 2021.
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The UPI payments space in the country is currently dominated by two players – PhonePe and Google Pay. Together, the two command a little over 84% of the UPI market in terms of transaction volume