India’s UPI transactions volumes grew 42% year-on-year, during the second half of FY2024, reaching a total of 93.23 billion transactions, according to ‘India Digital Payments study released by Worldline, a global player in payment services.
During this period, the country’s UPI transaction value surged 31% YoY to ₹130.19 trillion, it reported.
According to the study, POS (point of sale) Terminals crossed 10 million deployments, a growth of 23% YoY, reflecting deeper digital penetration. UPI QR adoption accelerated with UPI QR codes usage jumping 126% to 633.44 million, Mobile payments also witnessed a boom with mobile transactions surging 88.54 billion, a 41% growth, reinforcing mobile-first financial behaviour.
Meanwhile, card based payment too grew during the H2 period. Credit card transactions surged 36%; prepaid cards witnessed 35% growth, signaling increased adoption and electronic toll collections (FASTag) expanded 12%, with 103.1 million tags issued during the second half of FY2024.
Ramesh Narasimhan, chief executive officer, Worldline India, said, ‘‘India’s digital payments ecosystem is evolving at an unprecedented pace, driven by UPI’s widespread adoption, the expansion of POS infrastructure, and the growing preference for mobile transactions.’‘
The study also found that SoftPOS (Software Point of Sale, a technology that uses mobile devices like smartphones or tablets to process payments, eliminating the need for a physical card reader or POS terminal) and security innovations were redefining merchant payments in the country. SoftPOS technology wass revolutionising payments by allowing NFC-equipped smartphones to function as secure contactless payment terminals. This eliminated the need for traditional POS hardware, making payment acceptance more affordable and accessible for small businesses.
‘’The rapid rise of SoftPOS technology is redefining how businesses accept payments, making digital transactions more accessible than ever,’‘ Mr. Narasimhan added.
According to the Worldline study, grocery stores, restaurants, pharmacies, and government services accounted for 68% of transaction volume and 53% of total transaction value while e-commerce, gaming, utilities, and financial services made up 81% of digital transactions and 74% of total transaction value.
On a comparative analysis on the state-wise digital payment adoption, Kerala emerged as the leader followed by Maharashtra, Tamil Nadu, Karnataka, Delhi, Telangana, Uttar Pradesh, Gujarat, Jharkhand and West Bengal.
Published – April 02, 2025 07:55 pm IST
