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UPI Transactions Volume Increased by 56% in H2 2023: Worldline

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UPI dominance UPI transactions posts 56% YoY volume growth in H2 2023 WorldlineAccording to Worldline India Digital Payments Report H2 2023 the Unified Payments Interface (UPI) transactions volume in the second half (H2) of 2023 (July 2023 – December 2023) increased by 56% to 65.77 billion from 42.09 billion in H2 2022.

  • The value of transactions increased by 44% from Rs 69.36 Lakh Crore to Rs 99.68 lakh crore.

Average Ticket Size(ATS):

i.The ATS of UPI transactions reduced by 8% to Rs 1515 from Rs 1648 in H2 2022.

ii.For UPI person-to-person (P2P) transactions, ATS grew by 4% to Rs 2745 in H2 2023 from Rs 2649 in H2 2022.

iii.For UPI person-to-merchant (P2M) transactions, ATS reduced by 9% to Rs 656 in H2 2023 from Rs 720 in H2 2022.

Payments Acceptance Infrastructure:

i.The payments acceptance infrastructure channels have developed between July 2022 and December 2023, Point of Sale (PoS) terminals grew by 26% to 8.56 million while Bharat QR (BQR)s grew by 32% to 5.96 million and UPI QR transactions grew by 57% to 317 million.

iii.Private Sector banks dominated the space with a 73% market share while Public Sector Banks accounted for 18%.  Payments and foreign banks continued to have a 8% and 1% market share respectively.

Points to note:

i.Top PoS deployers: As of December 2023, Axis Bank, ICICI Bank, HDFC Bank, State Bank of India (SBI), RBL Bank, Paytm Payments Bank, IndusInd Bank, Kotak Mahindra Bank, Yes Bank and Canara Bank, collectively accounted for 94% PoS terminals deployed.

ii.As of December 2023, PhonePe, Google Pay, and Paytm collectively accounted for 95.4% of all transactions in terms of volume and 93% of all transactions in terms of value.

Credit, Debit & Prepaid Cards:

i.The value of card transactions in H2 2023 was Rs 12.66 Lakh crore, an increase of 13% from H2 2022.

ii.The transaction value of credit cards increased by 11% to Rs 9.39 Lakh crore compared to H2 2022 while the value of debit card transactions decreased by 16% to Rs 3.02 lakh crore and the value of prepaid cards transactions decreased by 30% to Rs 24,100 crore.

iii.In December 2023, the total number of cards was 1.384 billion, this marks a year-on-year (YoY) increase of 6%.

  • This includes 97.9 million, 960.8 million debit cards and 325 million prepaid cards, YoY growth of 21%, 2% and 13% respectively

iv.The volume of card transactions reduced by 7% to 3.70 billion in H2 2023 compared to H2 2022.


  • Top5 issuers of credit cards: HDFC Bank, SBI, ICICI Bank, Axis Bank and Kotak Mahindra Bank
  • Top 5 issuers of debit cards: SBI, Bank of Baroda(BoB), Canara Bank, Union Bank of India(UBI), HDFC Bank

Mobile transactions: 

i.The volume of Online transactions via mobile phone apps increased by 38% to 62.95 billion(H2 2023) from 45.58 billion(H2 2022).

ii.As of December 2023, the number of RFID (Radio Frequency Identification) tags issued grew by 45% i.e. from 55.94 million (July 2022) to 81.24 million( December 2023).

iii.As per the report, e-commerce, gaming, utilities, government and financial services accounted for nearly 80% of total online transactions in H2 2023.

About Worldline:
Worldline is a multinational payment and transactional services company.
Chief Executive Officer(CEO)– Gilles Grapinet
Headquarters– La Defense, France
Established in 1972