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UPI a hit among consumers as transactions surge by 56%: report

April 3, 2024 5:08 PM IST

UPI transactions in India surged by 56% year-on-year (YoY) in the second half (H2) of 2023, while card transactions saw a modest growth of 6%, according to a report by payment service provider Worldline. 
The volume of UPI transactions surged to 65.77 billion from 42.09 billion in H2 2023, the report reveals. Additionally, transaction value witnessed a 44% increase, rising from Rs 69.36 trillion to Rs 99.68 trillion during the same period.
Ramesh Narasimhan, Chief Executive Officer of Worldline India, said: “The year 2023 witnessed significant milestones in the payments ecosystem. UPI maintains its position as the uncontested frontrunner, buoyed by substantial expansion in mobile transactions.”
“This trend underscores users’ growing confidence and familiarity with smartphone-based payment methods. The proliferation of Point of Sale terminals has reached unprecedented levels, concurrent with the ascendance of mobile payments as a dominant transaction avenue. This underscores the necessity for FinTechs to adjust to a diverse array of payment channels”.
However, the average ticket size (ATS) for UPI transactions, experienced an 8% decline from Rs 1648 to Rs 1515. This indicates an increasing integration of UPI in smaller transactions, particularly person-to-merchant (P2M) transactions, and reflects the evolving preferences of consumers towards digital payment methods.
The report also highlights the enhancement of payment acceptance infrastructure across the country, with the use of use Point of Sale (PoS) terminals rising by 26% to 8.56 million. 
Bharat QR (BQR) and UPI also saw significant growth, underscoring the proliferation of digital payment options.
(Inputs from ANI)

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