UPI Becomes Leader in Digital Payments, Transactions to Reach Rs 100 Lakh Crore in 2nd Half of 2023

India Digital Payment Report: India has overtaken many leading countries in the world in terms of digital payments. According to a report, UPI’s dominance in the digital payment system in India is steadily increasing. And UPI transactions are not limited to the Indian border but its network extends to other countries. People sitting in other countries can do UPI transactions through UPI. According to a report, the second half of 2023 saw a 56% year-on-year increase in UPI transactions.

UPI is expanding its presence abroad.

Worldline, a global company in the field of payment services, has released the India Digital Payment Report for the second half of 2023. This report captures the trends and landscape of digital payments in India. UPI has the largest share of digital payment systems and is expanding its footprint outside India as well, the report said.

44% increase in UPI transactions

According to the report, the volume of UPI transactions in the second half of 2023 was 65.77 billion as against 42.09 billion in the second half of 2022. This means that a year-on-year growth of 56% has been observed. If we look at the transaction value, the total value of UPI transactions during the second half of 2022 was Rs 69.36 lakh crore, which has increased by 44% to Rs 99.68 lakh crore during the second half of 2023.

Use of UPI for small transactions increased.

According to the India Digital Payments report, the average ticket size of a UPI transaction has decreased by 8 percent and has come down to Rs 1,515 from Rs 1,648. The decrease in the average ticket size of UPI transactions indicates that the use of UPI transactions for smaller and smaller transactions is increasing rapidly. This decrease is due to the rapid increase in person-to-merchant transactions.

The UPI craze increased.

Commenting on the report, Worldline India Chief Executive Officer Ramesh Narasimhan said that India has achieved a major milestone in the payment ecosystem during the year 2023. Due to the expansion of mobile transactions, UPI transactions are at the forefront of all digital payment systems. This reflects the growing confidence of consumers in smartphone-based payment methods.

Also read this

Forbes Richest List 2024: This businessman is the richest person in the world, know which number is India’s Ambani-Adani?

Leave a Comment