UPI: Driving the Surge in India's Digital Payments

The Unified Payments Interface (UPI) continues to lead India's digital payments, with a 42% surge in transaction volumes year-on-year in the second half of 2024. Dominated by PhonePe, Google Pay, and Paytm, UPI's growth underscores the rapid expansion and adaptation of digital payment technologies in India.

India's Unified Payments Interface (UPI) is making waves in the digital payments sector, witnessing a staggering 42% growth in transaction volumes year-on-year. From July to December 2024, UPI transactions soared to reach 93.23 billion, as showcased in a recent 'India Digital Payments report for 2H 2024' by Worldline.

The report highlights that the top contributors to this burgeoning transaction volume are three major platforms: PhonePe, Google Pay, and Paytm. In December 2024 alone, these platforms accounted for 93% of transaction volumes and 92% of transaction values, signaling their dominance.

Ramesh Narasimhan, CEO of Worldline India, notes that this rapid evolution of India's digital payments ecosystem is fueled not only by UPI's widespread adoption but also by the rise of SoftPOS technology and the expanding POS infrastructure across the nation.

(With inputs from agencies.)