Unified Payments Interface (UPI) grew by 56 percent year-on-year in H2 2023 to 65.77 billion, up from 42.09 billion in H2 2022.

Banking & Finance

India’s ubiquitous Unified Payments Interface (UPI) grew by 56 percent year-on-year (y-o-y) in H2 2023 to 65.77 billion, up from 42.09 billion in H2 2022. While the total value of transactions surged by 44 percent from Rs69.36 trillion to Rs99.68 trillion during the same period, according to the latest data from the India Digital Payments Report for H2 2023. UPI remained the dominant player in the payment system in India, though the average ticket size declined by 8 percent from Rs1,648 to Rs1,515. This decline was predominantly propelled by the surge in person-to-merchant (P2M) transactions, according to the report. The point of sale (PoS) terminals grew by 26 percent to 8.56 million, with private sector banks dominating the space with 73 percent market share and public sector banks accounting for 18 percent. Bharat QR (BQR) usage grew by 32 percent to 5.96 million, while UPI QRs grew by 57 percent to 317 million.


      The top-five issuers of credit cards were HDFC Bank, SBI, ICICI Bank, Axis Bank and Kotak Mahindra Bank, while the top-five issuers of debit cards were SBI, Bank of Baroda, Canara Bank, Union Bank of India and HDFC Bank.

     

     

 

     


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