North India Statesman
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In the second half of 2024 (July to December), India saw a big boom in digital payments, especially mobile and UPI transactions in India. According to the report of Worldline India, there has been a significant increase in both transaction volume and value during this period.
Keywords:
UPI Transaction, Digital Payment Report 2024, Credit Card Uses, Worldline India, Mobile Payments, POS Terminal, UPI QR Code
The scope of digital payment system in India is continuously increasing. During the second half of 2024 (July-December), there was a tremendous increase in the payment made via mobile phones. According to the Worldline India report, the total number of total transactions made from mobile increased to 88.54 billion during this period, while their total value rose 30 percent to reaching Rs 197.69 lakh crore.
Digital infrastructure showed strength
The report states that this fast has come mainly due to increase in unified payment interface (UPI), mobile payments and cards. A significant increase in infrastructure required for digital payment, such as POS terminal and QR code, also recorded a significant increase.
By December 2024, the number of UPI QR code increased to 63.34 crore, while the number of POS terminals reached beyond one crore with an increase of 23 percent.
Record increase in merchant transactions
Person-to-Cracha (P2M) transaction also made a big jump. The number of transactions in this category increased by 50 percent to 58.03 billion and value increased by 43 percent to Rs 36.35 lakh crore.
Credit card use increased, debit card declines
Talking about card payments, the total transactions increased by 11 percent to 4.1 billion in the second half of 2024. This increase was mainly due to an increase in the use of credit cards by 36 percent. The number of transactions from the credit card was 2.42 billion. On the other hand, debit card transactions saw a decline of 29 percent and the number was 0.82 billion. The transaction rose by 11 percent to 0.86 billion with prepaid cards.
Transaction worth Rs 10.76 lakh crore from credit card
In the review period, the price of total transactions from the card increased by 8 percent to Rs 13.64 lakh crore, out of which 10.76 lakh crore rupees were only with credit card.
Electronic toll collection (ETC) boom
A significant increase in electronic toll collection was also seen. A total of 10.3 crore tags were released by December 2024, which is 26 percent more than the previous year. The number of transactions increased by 9 percent to 2.05 billion and their value increased by 12 percent to Rs 35,637 crore.
Participation of private banks is important
The report stated that the framework required for payment approval in the country is expanding rapidly. Private sector banks hold 82.2 percent in POS terminals, which is firmly furthering this change.
