UPI Transactions Soar 52% to 78.97 Billion in H1 2024
UPI Transactions Surge 52% to 78.97 Billion in H1 2024
New Delhi: The Unified Payment Interface (UPI), India’s instant payment system, has witnessed a remarkable growth of 52% year-on-year in transaction volumes, reaching 78.97 billion in the first half of 2024. This surge was detailed in the India Digital Payments Report for January to June 2024, released by payment technology provider Worldline.
The report highlights that UPI transactions rose significantly, climbing from 8.03 billion in January 2023 to 13.9 billion by June 2024. This impressive growth in transaction volume was accompanied by a substantial increase in transaction value, which escalated from Rs 12.98 trillion in January 2023 to a staggering Rs 20.07 trillion in June 2024.
UPI’s dominance in the payment market continues to strengthen as it expands its reach across various demographics and sectors, solidifying its position as a preferred method for digital transactions in India. This growth reflects the increasing adoption of digital payment solutions in the country, driven by enhanced infrastructure and user-friendly features.