Average ticket size decreased by 8% at 42% increase in UPI transactions

New Delhi| UPI’s dominance in the country’s digital payment system is continuously increasing. According to the latest Worldline report, the number of UPI transactions increased by 42 per cent year-on-year to reach 93.23 billion in the second half of 2024 (July-December). At the same time, in value terms, UPI transactions totaled Rs 130.91 lakh crore in the July-December period, which is 31 per cent more than Rs 99.68 lakh crore in the second half of 2023. However, the average ticket size of UPI transactions (average payment made by every consumer) declined by 8 per cent to Rs 1,396.

In terms of numbers and value, UPI transactions were dominated by PhonePe, Google Pay and Paytm in the second half of 2024. The combined share of the three apps in total UPI transactions was 93 per cent and 92 per cent respectively.

10.76 lakh crore transactions with credit cards
In the second half of 2024, there were 2.42 billion transactions worth Rs 10.76 lakh crore through credit cards. This is 14 per cent and 36 per cent higher in value and number terms respectively. The number of debit card transactions has fallen by 29 per cent.

Private banks ahead in issuing credit cards
The number of cards issued was 1.53 billion as of the second half of 2024. Among these, credit cards were 10.80 crore and debit cards were 99.09 crore. Private banks led with 71 per cent share in credit cards issued, while public sector banks accounted for 24 per cent. Government banks accounted for 64 per cent and private banks for 25 per cent of debit card issuance. This difference shows that private banks have higher risk appetite, while public sector banks are emphasizing on including underprivileged people in the banking system.