Google Pay, PhonePe, Paytm account for over 90% of UPI transaction value and volume in 2H 2024

PhonePe, Google Pay, and Paytm remained the top 3 UPI applications in terms of both volume and value in December. Google Pay accounted for 37% of transaction value, followed by PhonePe at 51% and Paytm Payment Bank at 5%, respectively, according to the Worldline's India Digital Payments Report.

Overall, the UPI transaction volume increased from 9.96 billion in July 2023 to 16.73 billion in December 2024. Besides, the transaction value increased from Rs 15.33 trillion in July 2023 to Rs 23.24 trillion in December 2024.

The volume of UPI transactions in the second half of 2024 increased by 42% to 93.23 billion. On the other hand, the value of transactions increased by 31% from Rs 99.68 trillion to Rs 130.19 trillion during the same period.

Consequently, the mobile payments also witnessed a solid growth in the second half of 2024. While the mobile payment growth is largely driven by UPI payments, hosting other payments, such as using a bank account, also contributed to this trend.

The volume of mobile transactions in the second half of 2024 was 88.54 billion compared to 62.95 billion in the same period last year- a 41% rise.

The value of mobile transactions in 2H 2024 was Rs 197.69 trillion compared to Rs 152.3 trillion in 2H 2023- up 30%.