As per Worldline’s India Digital Payments Report, the country’s Unified Payments Interface (UPI) recorded a 52% year-on-year (YoY) increase in transaction volumes, reaching 78.97 billion transactions in the first six months of 2024. UPI continues to dominate India’s payment landscape, with transaction volumes climbing from 8.03 billion in January 2023 to 13.9 billion by June 2024. The overall transaction value also experienced significant growth, rising from US$ 154.60 billion (Rs. 12.98 trillion) to US$ 239.04 billion (Rs. 20.07 trillion) over the same period. Comparing the first half of 2024 with 2023, the total transaction value grew by 40%, from US$ 990.45 billion (Rs. 83.16 trillion) to US$ 1.39 trillion (Rs. 116.63 trillion). PhonePe led in terms of transaction volume and value, closely followed by Google Pay and Paytm.
Interestingly, while transaction volumes surged, the average ticket size (ATS) of UPI payments saw a drop of 8%, from US$ 19.10 in the first half of 2023 to US$ 17.61 in the first half of 2024. However, person-to-person (P2P) payments showed a slight uptick in ATS, rising from US$ 33.50 (Rs. 2,812) to US$ 33.78 (Rs. 2,836). In contrast, person-to-merchant (P2M) payments saw a decline of 4%, with the ATS dropping from US$ 7.95 (Rs. 667) to US$ 7.66 (Rs. 643).
Worldline India’s CEO, Mr. Ramesh Narasimhan, noted that the increasing number of UPI transactions, particularly in the P2M segment, strengthens its position as a go-to method for microtransactions and points toward its growing potential for handling larger payments in the future. Transactions across merchant categories such as grocery stores, restaurants, and government services contributed 53% to total transaction value and 68% to volume. In the online domain, e-commerce, gaming, utilities, and financial services represented 81% of transaction volume and 74% of transaction value. Furthermore, POS terminals saw a notable increase of 17%, rising from 7.65 million in January 2023 to 8.96 million by June 2024.
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