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India’s digital payments ecosystem witnessed a significant surge in the second half of 2024, driven by Unified Payments Interface (UPI), cards, and mobile payments, according to Worldline India’s India Digital Payments Report 2H 2024. Index Fund Corner Sponsored Scheme Name 1-Year Return Invest Now Fund Category Expense Ratio Axis Nifty 50 Index Fund +32.80% Invest Now Equity: Large Cap 0.
12% Axis Nifty 100 Index Fund +38.59% Invest Now Equity: Large Cap 0.21% Axis Nifty Next 50 Index Fund +71.
83% Invest Now Equity: Large Cap 0.25% Axis Nifty 500 Index Fund -- Invest Now Equity: Flexi Cap 0.10% Axis Nifty Midcap 50 Index Fund +46.
03% Invest Now Equity: Mid Cap 0.28% UPI saw strong growth in both person-to-person (P2P) and person-to-merchant (P2M) payments. P2P transactions increased by 30%, rising from 27.
04 billion in the second half of 2023 to 35.21 billion in the same period of 2024. The total value of these transactions also grew 26%, reaching ₹ 93.
84 lakh crore . P2M transactions grew even faster, with volume rising by 50% to 58.03 billion and the total value increasing by 43% to ₹ 36.
35 lakh crore. However, the average transaction size for UPI dropped from ₹ 1,515 in late 2023 to ₹ 1,396 in late 2024, according to the report. PhonePe, Google Pay, and Paytm maintained their dominance, handling 93% of UPI transaction volumes and 92% of transaction values in December 2024.
Card payments in the second half of 2024 grew by 11% to 4.1 billion transactions, mainly driven by a 36% jump in credit card usage, which reached 2.42 billion transactions.
However, debit card transactions dropped by 29% to 0.82 billion, while prepaid card transactions rose by 11% to 0.86 billion.
The total value of card transactions increased by 8% to ₹ 13.64 lakh crore, with credit cards contributing ₹ 10.76 lakh crore, a 14% rise from the same period in 2023.
Mobile payments continued to flourish, with a 41% jump in transaction volume to 88.54 billion and a 30% rise in value to ₹ 197.69 lakh crores.
The ATS for mobile payments dropped by 8% to ₹ 2,232.4, indicating increased usage for smaller payments. Electronic Toll Collection (ETC) saw robust growth, with 103.
1 million tags issued by December 2024—a 26% increase from the previous year. Transaction volumes grew 9% to 2.05 billion, while transaction value increased 12% to ₹ 35,637 crore.
India’s payment acceptance infrastructure expanded rapidly, with PoS terminals increasing 23% to 10 million and UPI QR codes growing 126% to 633.44 million. Private sector banks led PoS deployments with an 82.
2% market share. Yes Bank topped UPI beneficiary banks with 6,652.85 million transactions, while the State Bank of India led as the largest UPI remitter with 4,540.
13 million transactions. In 2H 2024, the most frequently visited in-store merchant categories were grocery stores, restaurants, service stations, clothing stores, government services, pharmacies and hospitals, which accounted for around 68% in terms of volume and nearly 53% of the total transaction value, the report found. In the online space, e-commerce, gaming, utilities, government and financial services amounted to about 81% of the total transaction volume and about 74% of the total transaction value.
The top states and UTs with the highest number of transactions at physical touch points in 2024 included Kerala, Maharashtra, Tamil Nadu, Karnataka, Delhi, Telangana, Uttar Pradesh, Gujarat, Jharkhand and West Bengal, Worldline said in its report..
