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.
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.
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.
| 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. |
The US Federal Reserve has kept the interest rates unchanged at 3.50% to 3.75% in…
The Bengaluru Police has launched the AI-powered multilingual feature in the Namma 112 emergency helpline…
The Indian Space Research Organization started preparing to select the second batch of astronauts for…
The State of Maharashtra Cabinet which was led by Honorable Chief Minister Devendra Fadnavis have…
The Securities and Exchange Board of India (SEBI) has operationalized the Past Risk and Return…
Have you wondered if there are places on Earth where it never snows? Yes, such…