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.
Surge in UPI Transaction Volumes (H1 2024)
| Aspect | Details |
|---|---|
| Why in News | UPI transaction volumes surged by 52% year-on-year, reaching 78.97 billion in H1 2024. |
| Transaction Volume Growth | UPI transactions rose from 51.9 billion in H1 2023 to 78.97 billion in H1 2024. |
| Transaction Value Growth | Transaction value increased by 40%, from ₹83.16 trillion to ₹116.63 trillion (Jan-Jun 2024). |
| Leading Market Players | PhonePe, Google Pay, and Paytm led the market in UPI transactions. |
| Average Ticket Size (ATS) | Declined by 8%, from ₹1,603 to ₹1,478, indicating a trend towards smaller transactions. |
| P2P vs. P2M Transactions | P2P transactions saw a marginal increase, while P2M transactions had a 4% drop in ATS. |
| Sector Contributions (Volume) | E-commerce and utilities contributed to 81% of the transaction volume. |
| Sector Contributions (Value) | Grocery and clothing sectors accounted for 53% of the transaction value. |
| POS Terminal Growth | The number of POS terminals increased by 17%, reflecting growth in digital payment infrastructure. |
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