<p>Bengaluru: Unified Payments Interface (UPI) payments soared in 2024, according to executives of digital payments fintech Worldline Global Services Pvt Ltd during a webinar organised by the company on Wednesday. In the July to December period of 2024 (H2 2024), UPI transaction volumes grew 42% year-on-year, reaching 93.23 billion transactions in the period.</p>.<p>More recently in March 2025, UPI transactions reached a monthly record of Rs 24.77 lakh crore, as per data released by the National Payments Corporation of India (NPCI).</p>.<p>On the international front as well, UPI usage is increasing in countries like UAE and Singapore. Europe is next on the cards, as NPCI International signs contracts with different countries, especially those that see most Indian tourists.</p>.<p>As UPI grows in leaps and bounds, debit card usage is taking a consequential hit. Debit card usage fell from 1,145.86 million transactions in H2 2023 to 819.2 million in H2 2024. This is expected to decline further, according to Worldline executives, as UPI and debit cards service the same mechanism.</p>.UPI transaction volumes surge 42 pc, hit 93 billion in July-Dec 2024.<p>At the same time, other mechanisms like credit cards and prepaid cards are experiencing a steady increase. For credit cards, the hold is on high value transactions.</p>.<p>Parallelly, there is a steady decline in average ticket sizes in UPI transactions to Rs 1,396. UPI is popular in everyday micro-transactions, particularly evident in the 50% growth in P2M (person-to-merchant) transactions.</p>.<p>Transactions like what is done via NEFT (National Electronic Funds Transfer), corporate transactions, tax payments, and other high-value transactions may not be in the scope of UPI at all, as per Worldline officials.</p>.<p>While the number of outstanding debit and prepaid cards increased, that of credit cards remained flat from July 2023 to December 2024. This may be a function of banks becoming strict with underwriting requirements.</p>.<p>Another example of UPI growth is point-of-sale (POS) terminals surpassing 1 crore in 2024. At the same time, it is only 10 banks that are responsible for 96% of the POS terminals.</p>.<p>It is clear that UPI is projected to grow further going forward, with technologies like SoftPOS (Software Point of Sale) contributing to the expansion.</p>
<p>Bengaluru: Unified Payments Interface (UPI) payments soared in 2024, according to executives of digital payments fintech Worldline Global Services Pvt Ltd during a webinar organised by the company on Wednesday. In the July to December period of 2024 (H2 2024), UPI transaction volumes grew 42% year-on-year, reaching 93.23 billion transactions in the period.</p>.<p>More recently in March 2025, UPI transactions reached a monthly record of Rs 24.77 lakh crore, as per data released by the National Payments Corporation of India (NPCI).</p>.<p>On the international front as well, UPI usage is increasing in countries like UAE and Singapore. Europe is next on the cards, as NPCI International signs contracts with different countries, especially those that see most Indian tourists.</p>.<p>As UPI grows in leaps and bounds, debit card usage is taking a consequential hit. Debit card usage fell from 1,145.86 million transactions in H2 2023 to 819.2 million in H2 2024. This is expected to decline further, according to Worldline executives, as UPI and debit cards service the same mechanism.</p>.UPI transaction volumes surge 42 pc, hit 93 billion in July-Dec 2024.<p>At the same time, other mechanisms like credit cards and prepaid cards are experiencing a steady increase. For credit cards, the hold is on high value transactions.</p>.<p>Parallelly, there is a steady decline in average ticket sizes in UPI transactions to Rs 1,396. UPI is popular in everyday micro-transactions, particularly evident in the 50% growth in P2M (person-to-merchant) transactions.</p>.<p>Transactions like what is done via NEFT (National Electronic Funds Transfer), corporate transactions, tax payments, and other high-value transactions may not be in the scope of UPI at all, as per Worldline officials.</p>.<p>While the number of outstanding debit and prepaid cards increased, that of credit cards remained flat from July 2023 to December 2024. This may be a function of banks becoming strict with underwriting requirements.</p>.<p>Another example of UPI growth is point-of-sale (POS) terminals surpassing 1 crore in 2024. At the same time, it is only 10 banks that are responsible for 96% of the POS terminals.</p>.<p>It is clear that UPI is projected to grow further going forward, with technologies like SoftPOS (Software Point of Sale) contributing to the expansion.</p>