UPI Transactions Surge 52% to 78.97 Billion in H1 2024: Report

In a major boost to India’s digital payment landscape, UPI transaction volumes recorded a 52% year-on-year rise to 78.97 billion in the first half of 2024. According to Worldline’s India Digital Payments Report, UPI’s value surged by 40%, growing from ₹83.16 trillion to ₹116.63 trillion between January 2023 and June 2024. While PhonePe led the market, followed by Google Pay and Paytm, the average ticket size (ATS) saw an 8% decline, reflecting a shift toward smaller transactions.

Transaction Growth Insights

UPI transaction volumes grew from 51.9 billion in H1 2023 to 78.97 billion in H1 2024. Value also rose from ₹12.98 trillion to ₹20.07 trillion. Despite this, ATS decreased from ₹1,603 to ₹1,478. P2P transactions increased marginally, while P2M transactions saw a 4% drop in ATS.

Sector Contributions

In-store categories like grocery and clothing accounted for 53% of transaction value, while online sectors like e-commerce and utilities made up 81% of the volume. Additionally, the number of POS terminals increased by 17% during the same period.