New Delhi: The Unified Payments Interface (UPI) transaction surged by 62% in the first half of 2023 compared to the same period last year. The UPI transactions reached 9.3 billion in June 2023. It was at from 151 million in January 2018. ‘India Digital Payments Report for H1 2023’ published by global payments service provider Worldline revealed this.
The report claims that the growth in Person-to-Merchant (P2M) transactions is the main reason for this surge. Out of the total 51.91 billion UPI transactions conducted between January and June this year, 29.15 billion were P2M payments. It accounts for approximately 56.1% of the total transactions. In January 2022, P2M transactions accounted for 40.3% of all UPI transactions compared to 57.5% in June 2023.
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The remaining transactions, grew from 18.62 billion transactions in H1’22 to 22.75 billion in H1’23. This is a 22% increase. During the same period, the value of P2P transactions grew from Rs 45.52 trillion to Rs 63.99 trillion, a 41% increase.
Three UPI apps — PhonePe, Google Pay, and Paytm– accounted for 95.68% of all transactions in terms of transaction volume, in June 2023, compared to 94.55% a year before. In terms of transaction value, the 3 accounted for 93.65% in June 2023 compared to 93.38% in June 2022.
As per the report, online space, e-commerce, gaming, utilities, government and financial services amounted to more than 80% of the total transaction volume and contributed to more than 75% of the total transaction value.
Top 10 states and UT with the highest number of transactions at physical touch points in 2022 for Worldline India were Maharashtra, Kerala, Tamil Nadu, Karnataka, Delhi, Telangana, Uttar Pradesh, Gujarat, Andhra Pradesh and West Bengal.
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