UPI Transactions Volume Surges To 78.97 Bn In First Half Of 2024: Report

Highlighting the country’s ongoing digital transformation, a report has revealed the unified payments interface continues to dominate with over 78 billion transactions in the first half of the current year, marking a 52 per cent increase from the previous year. The report stated that the payment infrastructure is also growing, with over 8.96 million point of sale (PoS) terminals deployed.

The 1H 2024 India Digital Payments Report by Worldline stated, “The number of UPI transactions rose significantly from 8.03 billion in January 2023 to 13.9 billion by June 2024. This volume growth was matched by an increase in transaction value, which climbed from Rs 12.98 trillion in January 2023 to an impressive Rs 20.07 trillion in June 2024.”

As per the report, the UPI transaction volume also saw an increase of 52 per cent in H1 2024 when compared to the same period last year as it rose from 51.9 billion to 78.97 billion. The growth in the value of transactions was 40 per cent which surged to Rs 116.63 trillion from Rs 83.16 trillion.

“Across the board, payments acceptance infrastructure channels have grown at a good clip. Between January 2023 and June 2024, PoS terminals grew by 17 per cent to 8.96 million (from 7.65 million in Jan 2023). The standout, as expected, is UPI QRs which grew by 39 per cent to 340 million (from 244.23 million in Jan 2023). This growth in UPI QRs is also reflected in UPI transactions,” stated the report.

However, the average ticket size (ATS) of all UPI transactions saw an 8 per cent decrease during the same period. The ATS declined to Rs 1,478 in the first half of the current year from Rs 1,603 in 1H 2023. When person-to-person (P2P) transactions are considered, the ATS grew from Rs 2,812 to Rs 2,836. On the other hand, the ATS of person-to-merchant (P2M) fell from Rs 667 to Rs 643 during the same period.

As far as the top UPI apps are concerned, the report stated that PhonePe, Google Pay and Paytm remain dominant in terms of volume and value. In June 2024, the three apps accounted for 94.83 per cent of all transactions compared to 95.68 per cent a year prior in terms of transaction volume. On the value front, the three accounted for 92.21 per cent in June 2024 compared to 93.65 per cent a year prior.