⚡️India🇮🇳: Worldline India publishes its report on UPI usage in the first half of 2024

⚡️India🇮🇳: Worldline India publishes its report on UPI usage in the first half of 2024

Here are some key insights:

🔤 UPI (Unified Payments Interface) transactions grew by 52% in the first half of 2024.

🔤 The total transaction value increased by 40%, reaching 116.63 trillion rupees (approximately 1.387 billion USD).

🔤 The average transaction size (ATS) dropped by 8% compared to the same period in 2023, averaging 1,478 rupees(around 17.58 USD). This highlights that UPI remains the go-to option for microtransactions, solidifying its role in this segment.

🔤 Local apps like PhonePe, GooglePay, and Paytm dominate the UPI market, accounting for 92.21% of the total transaction value.

🔤 The top 5 issuing banks are State Bank of India, HDFC Bank, Bank of Baroda, Union Bank of India, and Punjab National Bank.

🔤 For receiving banks, YES Bank (known as Ebanx🇧🇷 in Brazil) leads the list, followed by State Bank of India.

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