Upi transaction volumes Surge 42 PC, hit 93 billion in July 2024

New Delhi, India’s Unified Payments interface, still dominates the digital payments landscape, with the transaction volumes rising 42 percent year-on-year to reach 93.23 billion in the second half of 2024, a recent report showed. The report ‘India Digital Payments Report for 2h 2024’ by Worldline showed that three UPI platforms are predominant in terms of volume and value: Phonepe, Google Pay and Paytm. In terms of the transaction volume, the three programs made up 93 percent of all transactions in December 2024. As for the transaction value, they made up 92 percent in December 2024. “In comparison of the volume UPI transactions in 2h 2024 to 2h 2023, it rose by 42 percent from 65.77 billion to 93.23 billion. During the same timeframe, the value of transactions increased by 31 percent from £ 99,68 trillion to £ 130.19 trill,” the report said. In addition to UPI, include other types of payment under digital payments credit cards, prepaid cards, mobile payments and net banking. Upi transactions are classified into person-to-person and person-to-trade transactions. P2P transaction volume increased from 27.04 billion in the second half from 2023 to 35.21 billion in the second half of 2024, representing a 30 percent increase. During the same period, the value of P2P transactions grew by 26 percent. The P2M transaction volume grew from 38.73 billion to 58.03 billion, a 50 percent increase, while value increased by 43 percent. “The ecosystem of the digital payments in India develops at an unprecedented rate, powered by UPI’s widespread acceptance, the expansion of mail infrastructure and the growing preference for mobile transactions. The rapid rise of softpos technology redefines how enterprises accept payments, the digital transactions more accessible than ever,” Officer, world line, said. The average ticket size of all UPI transactions in 2h 2024 was £ 1,396 versus £ 1.515 in the previous period, which means a 8 percent drop. This article was generated from an automated news agency feed without edits to text. Catch all the business news, economy news, news reports and online updates on live mint. Download Themint News -APP to get daily market updates. Business Newsconomyupi transaction volumes Surge 42 PC, hit 93 billion in July 2024 less