UPI transactions rose to 78.97 billion by 52% year-on-year (YoY) in the January to June period (H1) of 2024.
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Bengaluru: The number of Unified Payments Interface (UPI) transactions rose from 8.03 billion in January 2023 to 13.9 billion by June 2024 in India, according to a report released by French payment services company Worldline on Thursday.
UPI transactions rose to 78.97 billion by 52% year-on-year (YoY) in the January to June period (H1) of 2024. Transaction value also climbed from Rs 12.98 lakh crore in January 2023 to Rs 20.07 lakh crore in June 2024.
The average ticket size (ATS) of UPI transactions dropped 8% YoY in H1 2024 to Rs 1,478 with transactions observed in places such as supermarkets and fast food restaurants.
Ramesh Narasimhan, CEO, Worldline India, said, “This rise in UPI transactions cements its position as the preferred method for micro-transactions, demonstrating long-term sustainability and even movement to larger transactions in the coming years.”
PhonePe, Google Pay, and Paytm dominate the Indian digital payment ecosystem with around 95% transaction volume.
In June 2024, the total number of credit, debit, and prepaid cards reached 1.451 billion, reflecting an 11% YoY increase. Private sector banks issued 71% of credit cards, compared to 24% from public sector banks. In contrast, public sector banks accounted for 65% of debit cards, with private sector banks issuing 25%.
Debit card transactions totaled 920 million in H1 2024, representing a 33% decline. Meanwhile, credit card transactions reached 2.04 billion, marking a 32% increase.
In H1 2024, the volume of mobile transactions conducted through mobile phone apps, increased by 46% YoY, reaching 76.04 billion. This indicates that mobile phones will continue driving the future of digital payments
in India.