Mobile payments near ₹200 lakh crore in H2 2024 as UPI transactions surge

Indians are tapping their phones in a big way to spend money. The value of transactions done using mobile phones soared nearly 30% year-on-year (y-o-y) to about ₹198 lakh crore ( ₹1.98 trillion) in the second half (2H) of 2024. To put it in perspective, this amount is 14.5 times the money spent by customers using cards (both credit and debit cards) for transactions.

UPI powers the digital payment revolution

The surge was mainly driven by UPI (Unified Payments Interface) transactions, which increased 31% y-o-y in value to around ₹130 lakh crore.