UPI transactions quantity rises 52% to 78.97 billion in January-June: Report

NEW DELHI: Indian prompt cost system Unified Cost Interface (UPI) transaction volumes recorded a 52 per cent year-on-year surge to 78.97 billion within the first six months of 2024, in line with a report. In its India Digital Funds Report for the primary half of 2024 (January to June), cost know-how service supplier Worldline mentioned on Thursday that UPI continues to rule the cost market and is quickly increasing its attain.
“The variety of UPI transactions rose considerably from 8.03 billion in January 2023 to 13.9 billion by June 2024. This progress in quantity was matched by a rise in transaction worth, which climbed from Rs 12.98 trillion in January 2023 to a powerful Rs 20.07 trillion in June 2024.
“When evaluating H1 2024 to the identical interval in 2023, UPI transaction quantity noticed a considerable improve of 52 per cent, rising from 51.9 billion to 78.97 billion,” the report mentioned.
The worth of transactions grew 40 per cent, rising from Rs 83.16 trillion to Rs 116.63 trillion.
By way of quantity and worth contribution, PhonePe emerged as the highest UPI app, adopted by Google Pay and Paytm.
Nonetheless, common ticket measurement (ATS) of UPI transactions noticed a decline of 8 per cent, the report famous.
The typical ticket measurement (ATS) of all UPI transactions in H1 2023 was Rs 1,603, whereas it dropped to Rs 1,478 in 1H 2024, it mentioned.
ATS consists of person-to-person (P2P) and person-to-merchant (P2M) transactions.
ATS in P2P transactions registered an nearly flat year-on-year rise from Rs 2,812 to Rs 2,836.
ATS for P2M transactions dropped from Rs 667 to Rs 643, representing a 4 per cent discount.
“This important rise in UPI transactions, significantly within the person-to-merchant (P2M) phase, additional cements its place as the popular technique for micro-transactions, demonstrating long-term sustainability and even motion to bigger transactions within the coming years,” Worldline India CEO Ramesh Narasimhan mentioned.
Grocery shops, eating places, service stations, clothes shops, authorities companies, pharmacies, and hospitals have been probably the most visited in-store service provider classes within the first half of 2024.
In response to the analysis, they collectively accounted for nearly 53 per cent of the general transaction worth and 68 per cent of the transaction quantity.
E-commerce, gaming, utilities, authorities companies, and monetary companies made up round 81 per cent of the general transaction quantity and 74 per cent of the overall transaction worth within the on-line trade.
Moreover, the report revealed that between January 2023 and June 2024, the variety of POS (level of sale) terminals elevated 17 per cent, rising from 7.65 million to eight.96 million.