Mobile transactions saw remarkable growth in H1 2023, with 52.15 billion transactions, a 55.4 per cent increase from H1 2022.
India’s UPI transaction volume increased by 62 per cent YoY in the first half of 2023, PayTech organisation Worldline said in its “India Digital Payments Report H1 2023” report released on September 27, 2023, highlighting the trends in digital payments landscape.
The UPI transaction volume increased by 62 per cent from 31.95 billion in the first half of 2022 to 51.91 billion in the first half of 2023. Person-to-Merchant (P2M) transactions rose from 40.3 per cent in January 2022 to 57.5 per cent in June 2023, the report said.
The Average Ticket Size (ATS) for UPI P2M transactions saw a decline from Rs 885 in January 2022 to Rs 653 in June 2023, reflecting the increasing use of UPI for micro transactions.
Says Ramesh Narasimhan CEO of Worldline India, said, that the first half of 2023 witnessed “an impressive performance of UPI, the surge in credit card usage, the jump in mobile payments volume, and the uptick in small ticket size P2M transactions.”
The report anticipates a substantial increase in transaction volume and value with the introduction of credit card transactions on UPI and UPI Lite. Additionally, the RBI's announcement of pre-sanctioned credit lines on UPI is expected to benefit merchants, providing them with instant access to credit.
Mobile transactions saw remarkable growth in H1 2023, with 52.15 billion transactions, a 55.4 per cent increase from H1 2022. The value of mobile transactions reached Rs 132 trillion, marking a 38.9 per cent rise. Comparatively, between January 2022 and June 2023, volume increased by 77 per cent, while value surged by 58 per cent.
In June 2023, the total number of cards was 1,376 billion, including credit cards, debit cards, and prepaid cards, with a 9 per cent YoY increase.
Credit cards accounted for 88.68 million, reflecting a 13 per cent YoY growth. Private sector banks issued 70.1 per cent of credit cards, while public sector banks issued 24.1 per cent. Credit card transactions experienced an upswing despite but there was a decline in the overall volume of card transactions in H1 2023 by 8.9 per cent.
Net Banking (NB) transactions increased by 1.4 per cent in H1 2023, with a total of 2.13 billion transactions. The value of NB transactions amounted to Rs 468.8 trillion, a 5.9 per cent increase. In Electronic Toll Collection (ETC), the number of tags issued has grown from 45.97 million in January 2022 to 71.92 million in June 2023, a 56.5 per cent growth. Transaction volume in H1 2023 grew by 17.6 per cent, and the value of ETC transactions increased by 25.3 per cent compared to H1 2022.