UPI Transactions Surge: India Digital Payments Report H2 2023
The digital payments landscape in India has witnessed significant shifts in the latter half of 2023. According to a recent report by global payment services leader Worldline, Unified Payments Interface (UPI) transactions have surged by an impressive 56% year-on-year (YoY) during the second half of last year (H2 2023). Let’s delve into the key findings:
1. UPI Transactions Surge:
In H2 2023, the volume of UPI transactions reached 65.77 billion, a substantial increase from 42.09 billion in H2 2022.
The value of UPI transactions also soared, rising by 44% from Rs 69.36 trillion to Rs 99.68 trillion during the same period.
Notably, PhonePe, Google Pay, and Paytmemerged as dominant UPI app players, accounting for ...