UPI volume up 52% in H1CY24, transaction value rises 40%: Report

Unified Payment Interface (UPI) transaction volumes registered a sharp 52 per cent surge in the first six months of 2024 (H1CY24), as against the same period last year. And the value of transactions grew 40 per cent, from Rs 83.16 trillion in H1CY23 to Rs 116.63 trillion in H1CY24.

“When comparing H1 2024 to the same period in 2023, UPI transaction volume saw a substantial increase of 52 per cent, rising from 51.9 billion to 78.97 billion,” according to a report from Worldline India. 

However, the average ticket size of transactions on UP dipped to Rs 1,478 in H1CY24 as compared to Rs 1,603 during the same time last year (H1CY23) as the adoption of the real-time payments service gains further ground.

A decreasing average ticket size of transactions on the payments system indicates that it is increasingly being used to conduct small value transactions. 

In September, the daily UPI transactions crossed 501 million, the highest ever since UPI turned operational in 2016. 

In comparison, the average ticket size of debit cards increased to Rs 2,830 in H1CY24 from Rs 2,302 in H1CY23. The average ticket size of transactions on credit cards was 3.5 times larger than the ticket size of a UPI transaction,

It was pegged at Rs 5,190 in H1CY24 as compared to Rs 4,992 in H1CY23. 

In H12024, in-store merchant categories including grocery stores, restaurants, service stations, clothing stores, government services, pharmacies and hospitals contributed a major chunk of transaction volumes and value. 

These offline categories cornered about 68 per cent and 53 per cent share of transaction volumes and values respectively. 

In the digital ecosystem, e-commerce, gaming, utilities, government and financial services were major drivers to transaction volumes and value. 

(With inputs from agencies)