New Delhi. Now people neither stand in line at ATMs for cash transactions nor do they trust IMPS, NEFT or RTGS for online payments. A recent report states that people have left all these means behind and have now expressed trust only in UPI payments. People’s trust in this medium has become so strong that they made 78.97 billion transactions in the first six months of the year 2024, which is 52 percent more than last year.
Payment technology service provider ‘Worldline’ said in a report on Thursday that UPI payments continue to dominate the market and its reach is increasing rapidly. The report says that the number of UPI transactions increased from 8.03 billion in January 2023 to 13.9 billion by June 2024. This increase in the number of transactions also matches the increase in payment value.
How much money was transacted
In January 2023, transactions worth Rs 12.98 lakh crore were done through UPI, which increased to Rs 20.07 lakh crore in June 2024. According to the report, when the first half of the year 2024 is compared to the same period last year, there has been an increase of 52 percent in the number of UPI transactions. The number of transactions was 51.9 billion in the first half of the year 2023, which has increased to 78.97 billion in the same period this year. During this period, the value of UPI transactions has increased by 40 percent. It increased from Rs 83.16 lakh crore to Rs 116.63 lakh crore.
PhonePe or Paytm, who is ahead?
According to the report, PhonePe has emerged as the leading UPI platform in terms of both number and value of UPI transactions, while GooglePay and Paytm are next. However, the average ticket size (value per transaction) of UPI transactions saw a decline of eight percent in the first half of this year. The average ticket size was Rs 1,603 in the first half of last year, while it fell to Rs 1,478 in the first half of this year.
Large transactions on the rise
Ramesh Narasimhan, Chief Executive Officer (CEO) of Worldline India, said, “This significant growth in UPI transactions strengthens its position as the preferred method for micro transactions, especially in the P2M segment. This is a sign of long-term sustainability and a move towards larger transactions in the coming years.”
