UPI Update: UPI becomes the leader of digital payments, transactions reach Rs 100 lakh crore in the second half of 2023

UPI Update: UPI becomes the leader of digital payments, transactions reach Rs 100 lakh crore in the second half of 2023

India Digital Payment Report: In the matter of digital payment, India has left behind many leading countries of the world. According to a report, the dominance of UPI in the digital payment system in India is continuously increasing. And UPI transactions are not limited only to the Indian border but its network is extending to other countries. People sitting in other countries can do UPI transactions through UPI. According to a report, a year-on-year increase of 56 percent has been seen in UPI transactions in the second half of the year 2023. 

UPI is expanding in foreign countries

Worldline, a global company in the field of payment services, has released the India Digital Payment Report for the second half of 2023. In this report, the trends and landscape of digital payments in India have been captured. It was told in the report that UPI has the largest share in the digital payment system and it is expanding its footprint outside India also. 

44% jump in UPI transactions 

According to the report, the volume of UPI transactions in the second half of 2023 was 65.77 billion, which was 42.09 billion in the second half of 2022. That means a growth of 56 percent has been seen year after year. If we look at the value of transactions, the total value of UPI transactions during the second half of 2022 was Rs 69.36 lakh crore, which has increased by 44 percent to Rs 99.68 lakh crore during the second half of 2023. 

Use of UPI increased for small transactions

According to the India Digital Payment Report, the average ticket size of UPI transaction has declined by 8 percent and has come down from Rs 1648 to Rs 1515. The decline in the average ticket size of UPI transactions indicates that the use of UPI transactions for small and micro transactions is increasing rapidly. This decline has come due to the sharp increase in Person to Merchant transactions.  

UPI craze increased

On this report, Ramesh Narasimhan, Chief Executive Officer of Worldline India, said, India has achieved a big milestone in the payment ecosystem during the year 2023. Due to the expansion of mobile transactions, UPI transactions occupy the foremost position among all digital payment systems. This shows the increasing confidence of users in smartphone based payment methods. 

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