UPI transaction volume grew 52% to Rs 78.97 billion
Mumbai Mumbai: The volume of Unified Payments Interface (UPI)-based transactions grew 52 per cent to Rs 78.97 billion in the first half of this year (H1 2024) as against Rs 51.9 billion in the same period last year, a report said on Thursday. Similarly, the value of transactions grew 40 per cent to Rs 116.63 lakh crore from Rs 83.16 lakh crore in the first six months of this year. Month-on-month, the number of UPI transactions grew from 8.03 billion in January last year to 13.9 billion in June. This growth in volume is matched by an increase in transaction value, which grew from Rs 12.98 lakh crore in January last year to Rs 20.07 lakh crore in June, according to a report by Worldline, a global leader in payment services.
Ramesh Narasimhan, CEO, Worldline India, said, “This significant growth in UPI transactions, especially in the person-to-merchant (P2M) segment, further strengthens its position as the preferred method for micro-transactions, demonstrating long-term sustainability and a move towards even larger transactions in the coming years.” The average ticket size (ATS) of all UPI transactions in the first six months of this year declined to Rs 1,478 from Rs 1,603 last year, marking a reduction of 8 per cent. Payment infrastructure also continues to grow. The number of POS (point of sale) terminals deployed on the field crossed the 8.96 million mark.
According to the report, the most visited in-store merchant categories included grocery stores, restaurants, service stations, clothing stores, government services, pharmacies and hospitals. Together, they represent nearly 68 per cent of the transaction volume and about 53 per cent of the total transaction value. In the online sector, e-commerce, gaming, utilities, government services and financial services contributed nearly 81 per cent of the transaction volume and nearly 74 per cent of the total transaction value. Notably, UPI QRs witnessed a significant growth of 39 per cent, growing from 244.23 million to 340 million during the same period. This expansion in UPI QRs is also reflected in the growing volume of UPI transactions.
