
Summary:
According to Worldline's India Digital Payments Report, UPI transactions rose 52% YoY in 2024, reaching 78.97 billion by mid-year. Transaction volumes increased from 8.03 billion in January 2023 to 13.9 billion by June 2024. 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 both transaction volume and value, followed by Google Pay and Paytm. However, the average ticket size (ATS) dropped by 8%, from US$ 19.10 to US$ 17.61.
Worldline India CEO Mr. Ramesh Narasimhan noted that UPI's growth, particularly in the P2M category, solidifies its position as a leading micro-transaction tool with potential for larger transactions. Grocery stores, restaurants, and government services contributed 53% of transaction value and 68% of volume, while e-commerce, gaming, utilities, and financial services accounted for 81% of volume. POS terminals also grew by 17%, from 7.65 million to 8.96 million.
Source: IBEF
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