Digital payments through Unified Payments Interface (UPI) in India have surged, with transactions exceeding 10 billion in August, driven primarily by Person-to-Merchant (P2M) transactions, according to a report by Worldline. UPI transactions have increased significantly from January 2018 to June 2023. In January 2018, there were 151 million UPI transactions, while by June 2023, the number had surged to 9.3 billion. The growth is mainly due to the increase in P2M transactions, which accounted for 40.3% of all UPI transactions in January 2022. However, by June 2023, the share of P2M transactions had grown to 57.5%. The average amount of money spent per transaction on UPI P2M has decreased, suggesting an increase in the usage of digital payments for small transactions. Electronic Toll Collection (ETC) has contributed significantly to the growth of digital payments. From January 2022 to June 2023, the number of tags issued for ETC has increased by 56.5%.
Digital payments through Unified Payments Interface (UPI) in India have surged, with transactions exceeding 10 billion in August, driven primarily by Person-to-Merchant (P2M) transactions, according to a report by Worldline. UPI transactions have increased significantly from January 2018 to June 2023. In January 2018, there were 151 million UPI transactions, while by June 2023, the number had surged to 9.3 billion. The growth is mainly due to the increase in P2M transactions, which accounted for 40.3% of all UPI transactions in January 2022. However, by June 2023, the share of P2M transactions had grown to 57.5%. The average amount of money spent per transaction on UPI P2M has decreased, suggesting an increase in the usage of digital payments for small transactions. Electronic Toll Collection (ETC) has contributed significantly to the growth of digital payments. From January 2022 to June 2023, the number of tags issued for ETC has increased by 56.5%.