On 31 January 2024, the Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd (PPBL) to refrain from undertaking further deposits or credit transactions or top ups, fund transfers and other banking services from 29 February 2024. PPBL happens to be one of the major players in the UPI & FASTag transactions space. On 31 January 2024, the Reserve Bank of India (RBI) directed Paytm Payments Bank Ltd (PPBL) to refrain from undertaking further deposits or credit transactions or top-ups, fund transfers, and other banking services from 29 February 2024, except the withdrawal or utilization of balances of existing customers. It also directed for the closure of nodal accounts and settlement of pipeline transactions by 29 February 2024 and 15 March 2024, respectively. Before this, on 11 March 2022, the RBI had already stopped PPBL from onboarding new customers with immediate effect. Paytm or Payment Through Mobile is a familiar term and is often resorted to as the payment application (App) by millions of people every day in India. The first of its kind, Paytm began as a mobile phone financial payment service provider application (App) in the year 2009. Its payment services began with paying prepaid mobile recharges and recharges for Direct to Home (DTH) services. The PPBL is an offshoot of Paytm as a digital bank that can receive deposits but cannot lend. In a short period, the services have been extended to most of the digital transactions that we see on the current day. Like Paytm, the decade has also witnessed the advent of several other digital payment apps PhonePe, Google Pay, Airtel Payment Banks, Amazon Pay, and other entities, which perform the intermediary role of receiving and making payments. Some of these entities also act as Digital Banks such as Airtel Payments Bank, PPBL, etc. The advent and progress of digitalization in the contemporary world are witnessed in almost every sphere of life. Digital finances and their transactions are one of the key areas which had witnessed rapid growth in the last decade in India. Today, one can perform financial transactions very easily in real-time with just one click using payment modes such as Unified Payment Services (UPI) and others. Digital transaction entities such as Paytm and others have been pioneers of this progress. At the same time, the issues of regulation and governance, especially relating to banking, have been one of the major causes of concern in India. The recent RBI directions to PPBL have highlighted these concerns. In this context, we look at the trends in the digital transactions performed through UPI and NETC FASTags in India, and the pressing issue of financial frauds in India. Methodology The data has been sourced from UPI and NETC FASTag Transaction statistics datasets from Dataful, which has compiled the same data from the National Payment Corporation of India (NPCI). The data so compiled is used for analysis in this story. NPCI data shows exponential increase in Volume and Value of UPI Transactions The UPI system started in the year 2016 in India. From the year 2020, the NPCI has been publishing monthly statistics data about the total number (volume) and value of transactions performed through the UPI payment system. The analysis of this data shows that UPI transactions have grown exponentially in India. The data shows that the total volume of UPI transactions has grown from 15,003 million in 2020 to 1,19,009 million in 2023, showing an increase of 693% in 4 years. Similarly, the total value of the number of transactions performed has also increased from 27,425 billion rupees in 2020 to 1,85,429 billion rupees in the year 2023, an increase of 587%. There are over 100 entities where UPI transactions are performed but PhonePe, Google Pay and PPBL constitute to over 90% of UPI Transactions As of December 2023, there are over 100 entities that facilitate the payment through UPI. Though there are numerous entities, over 90% of UPI transactions were performed through Google Pay, PhonePe, and PPBL in the last 4 years. The data shows that PhonePe dominates and stands as the most used UPI app with over 40% share in both the total value and volume of UPI transactions each year from 2021 to 2023. In 2020, it had 38% and 21% of the total volume and value of UPI transactions performed, respectively. Google Pay stands next to it with over 30% of the total volume and value of transactions from 2021 to 2023. In the year 2020, it had 42% and 23% share of total volume and value of UPI transactions performed, respectively. PPBL stood in third place with over 10% of the total volume of transactions each year from 2020 to 2023.