UPI News: P2M UPI Transactions Surged a Record High of 9.3 Billion in June 2023

29 Sep, 2023 Author: Ayushee Joshi

UPI News: Due to the increasing usage of UPI and the minimal cash trend in India, the country is rapidly growing towards digitisation. Many of us now avoid carrying cash when we go out, instead opting for digital wallets like Paytm, Google Pay, and others. People have embraced digital payments enthusiastically due to their convenience and easiness. A recent Worldline research shows a significant surge in digital payments using UPI.

62% Increase in UPI Transactions

When compared to the same period last year, UPI transactions in India increased by 62% in the first half of 2023. According to a report released by the global payments service company Worldline, UPI transactions reached 9.3 billion in June 2023, up from 151 million in January 2018, mostly due to an increase in Person-to-Merchant (P2M) transactions. P2M payments accounted for 29.15 billion of the overall 51.91 billion UPI transactions done between January and June of this year, accounting for about 56.1% of the total.