New Delhi, April 10 -- 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 Rs.198 lakh crore ( Rs.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.

The surge was mainly driven by UPI (Unified Payments Interface) transactions, which increased 31% y-o-y in value to around Rs.130 lakh crore. This was possible due to the robust growth in digital payments infrastructure. UPI QR (Quick Response) codes through which users conduct their digital transactions using their mobile phones touched 63.34 crore...