Worldline Report : UPI Transactions Volume Surged 52% to 78.97 billion in 1H of 2024

Current Context: The Worldline India Digital Payments Report for the first half of 2024 revealed that the Unified Payments Interface (UPI) transactions volume surged by 52% year-on-year to 78.97 billion transactions from January to June 2024.

• This significant increase highlights UPI's continued dominance in the digital payment landscape.
• Key Highlights:
• Transaction Volume: UPI transactions rose from 51.9 billion in the first half of 2023 to 78.97 billion in the first half of 2024.
• Transaction Value: The value of UPI transactions increased by 40%, from Rs 83.16 trillion in the first half of 2023 to Rs 116.63 trillion in the first half of 2024.
• Top UPI Apps: PhonePe, Google Pay, and Paytm remained the top players, collectively accounting for 94.83% of all transactions by volume.
• Average Ticket Size (ATS): The ATS for all UPI transactions decreased by 8%, from Rs 1,603 in the first half of 2023 to Rs 1,478 in the first half of 2024.
• Point of Sale (POS) Terminals: The number of POS terminals increased by 17%, from 7.65 million in January 2023 to 8.96 million in June 2024.

Question:

1 What was the total volume of UPI transactions in the first half of 2024 according to the Worldline India Digital Payments Report?

• A) 51.9 billion
• B) 78.97 billion
• C) 83.16 trillion
• D) 116.63 trillion

Answer: B) The report highlighted that UPI transaction volume increased by 52% year-on-year, reaching 78.97 billion transactions in the first half of 2024, compared to 51.9 billion transactions in the first half of 2023.