No need to keep cash... UPI payment in India crossed Rs 100 billion for the first time

Digital Payment: After demonetization, such a craze for digital payment started that now people have forgotten to keep cash. Today everyone is making digital payments. Card and cash payments are decreasing. In the matter of digital payments, India is leaving behind the leading countries of the world. UPI's dominance continues in digital payments also. You will be able to get an idea of its popularity in the latest data regarding UPI payment. Mobile transactions are getting a boost due to the increasing craze in UPI payment. People have given UPI the top status in digital payments.   

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Amid the boom in digital payments in India, there was a big jump in UPI in the financial year 2023-24 compared to the previous year. While there was a growth of 56 percent in UPI transactions in terms of number of transactions, there was a growth of 43 percent in terms of value. This is the first time that transactions through UPI have crossed Rs 100 billion. In the financial year 2023-24, transactions through UPI reached Rs 131 billion. Let us tell you that in the financial year 2022-23 it was Rs 84 billion. According to the report of Worldline, a global company in the field of payment services, there was an increase of 56 percent in UPI transactions in the second half of the year 2023. UPI transactions are increasing year after year. India's UPI is reaching not only India but also different countries of the world. According to the report of Worldline, UPI has the largest share in the digital payment system.  

UPI transactions are increasing 

According to the report, the volume of UPI transactions in the second half of the year 2023 was 65.77 billion. Whereas in the second half of the year 2022 it was Rs 42.09 billion. Transaction volume shows that UPI payments have increased by 44 percent. Which was Rs 69.36 trillion in the second quarter of the year 2022, it reached Rs 99.68 trillion this time. However, the average ticket size of UPI transactions has decreased by 8 percent. Which was earlier Rs 1648, has now fallen to Rs 1515. People are now resorting to UPI payment for small transactions.