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UPI transactions volume surges 52 pc to 78.97 billion, value crosses Rs 116 lakh crore

October 10, 2024 02:08 PM

Mumbai, Oct 10 || The unified payments interface (UPI)-based transactions volume surged 52 per cent to 78.97 billion in the first half this year (H1 2024), from 51.9 billion in the same period last year, a report showed on Thursday.

Similarly, the value of transactions grew by 40 per cent, increasing from Rs 83.16 lakh crore to Rs 116.63 lakh crore in the first six months this year.

Month-wise, the number of UPI transactions rose significantly from 8.03 billion in January last year to 13.9 billion in June.

This growth in volume was matched by an increase in transaction value, which climbed from Rs 12.98 lakh crore in January last year to Rs 20.07 lakh crore in June, according to the report by Worldline, a global leader in payment services.

“This significant rise in UPI transactions, particularly in the person-to-merchant (P2M) segment, further cements its position as the preferred method for micro-transactions, demonstrating long-term sustainability and even movement to larger transactions in the coming years,” said Ramesh Narasimhan, CEO, Worldline India.

The average ticket size (ATS) of all UPI transactions dropped to Rs 1,478 in the first six months this year, from Rs 1,603 last year, reflecting an 8 per cent decrease.

The payment infrastructure also continues to grow as well. The number of POS (point of sale) terminals deployed on the field crossed the 8.96 million-mark.

 

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