UPI transactions volume rises 52% to 78.97 billion in Jan-Jun: Report
- IBEF
- October 11, 2024
According to Worldline's India Digital Payments Report, India’s Unified Payments Interface (UPI) saw a 52% YoY rise in transaction volumes, reaching 78.97 billion in the first half of 2024. UPI continues to dominate the payments market, with transactions growing from 8.03 billion in January 2023 to 13.9 billion in June 2024. The total transaction value surged from US$ 154.60 billion (Rs. 12.98 trillion) to US$ 239.04 billion (Rs. 20.07 trillion) during the same period. Comparing the first half of 2024 with the first half of 2023, UPI transaction volumes increased by 52%, while the transaction value grew by 40%, from US$ 990.45 billion (Rs. 83.16 trillion) to US$ 1.39 trillion (Rs. 116.63 trillion). PhonePe led in transaction volume and value, followed by Google Pay and Paytm. However, the average ticket size (ATS) of UPI transactions fell by 8%, from US$ 19.10 (Rs. 1,603) in the first half of 2023 to US$ 17.61 (Rs. 1,478) in the first half of 2024. ATS for person-to-person (P2P) transactions saw a slight rise from US$ 33.50 (Rs. 2,812) to US$ 33.78 (Rs. 2,836), while ATS for person-to-merchant (P2M) transactions declined by 4%, from US$ 7.95 (Rs. 667) to US$ 7.66 (Rs. 643).
According to Worldline India CEO Mr. Ramesh Narasimhan, the significant rise in UPI transactions, especially in the P2M segment, reinforces its position as a preferred micro-transaction method and signals its future potential for larger transactions. Merchant categories like grocery stores, restaurants, service stations, and government services contributed 53% to transaction value and 68% to volume. In the online space, e-commerce, gaming, utilities, and financial services they accounted for 81% of transaction volume and 74% of transaction value. Additionally, the report noted a 17% growth in POS terminals, rising from 7.65 million in January 2023 to 8.96 million by June 2024.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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