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

UPI transactions soared by 52% to 78.97 billion in the first half of 2024, with transaction values rising 40% to ₹116.63 trillion. PhonePe led the market, while the average ticket size (ATS) fell 8%, indicating a shift towards smaller transactions.

Piyush Shukla Last updated on November 8th, 2024 09:58 am

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.