UPI Transactions Increase by 42%, Mobile Payments Reach 88.5 Billion in the Second Half of 2024

In the second half of 2024, UPI (Unified Payments Interface) transactions grew by 42%, and mobile payments reached a new milestone of 88.5 billion. This significant increase shows how quickly digital payments are gaining popularity across India. More and more people are using UPI and mobile payments for everyday transactions, from paying bills to shopping online.

The rise in UPI transactions highlights how much Indians are relying on digital payment methods. UPI, which allows people to transfer money directly from one bank account to another using a smartphone, has become a popular way to make payments because of its speed and ease of use. The 42% growth shows that more individuals and businesses are adopting UPI for their financial transactions.

Mobile payments, in general, have also seen impressive growth. In the second half of 2024, people made over 88.5 billion mobile payments. This increase reflects the convenience and accessibility of mobile payment platforms. More users are now relying on their smartphones to make purchases, transfer money, and pay for services. Mobile wallets, apps, and UPI-based services have made it easier for everyone, including small businesses and rural areas, to make and receive payments.

Several factors have contributed to this growth. First, the government’s push for a cashless economy has encouraged more people to adopt digital payment methods. Second, the availability of high-speed internet and affordable smartphones has made it easier for people to access mobile payment services. Third, the increasing number of businesses, from large companies to small shops, now accept digital payments, making it more convenient for consumers.

Experts predict that this trend will continue as digital payment methods become even more accessible and secure. As the adoption of UPI and mobile payments grows, it is expected to play a major role in boosting the Indian economy, making transactions faster and more efficient.

In conclusion, UPI transactions have surged by 42%, and mobile payments have reached an all-time high in the second half of 2024. This growth is a clear indication that digital payments are becoming an essential part of daily life in India, transforming the way people manage and spend their money.