Consider the following statements regarding UPI and digital payments in India:
Statement I: Currently, UPI accounted for over 80% of all digital transactions in terms of value.
Statement II: The volume of transactions through UPI increased by 46 times between 2018 and 2024.
Which one of the following is correct in respect of the above statements?1
Both Statement-I and Statement-II are correct, and Statement-II is the correct explanation for Statement-I.
2
Both Statement-I and Statement-II are correct, but Statement-II is not the correct explanation for Statement-I.
3
Statement-I is correct, but Statement-II is incorrect.
4
Statement-I is incorrect, but Statement-II is correct.