Mobile Phone Payments Surge by 41% in H2 2024
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Synopsis
In the second half of 2024, mobile payments in India surged by 41% in transaction volume, amounting to 88.54 billion, with a 30% increase in transaction value to Rs 197.69 lakh crore. This growth was propelled by UPI, mobile payments, and card transactions, according to Worldline India's report.
Key Takeaways
- 41% increase in mobile payment volume.
- UPI QR codes reached 63.34 crore.
- P2P transactions grew by 30%.
- P2M transactions rose by 50%.
- Credit card usage jumped by 36%.
New Delhi, April 11 (NationPress) Mobile phone payments in India experienced a remarkable 41% increase in transaction volume, reaching 88.54 billion, while the transaction value rose by 30% to Rs 197.69 lakh crore in the latter half of 2024.
The country's digital payments landscape saw significant growth in this period, propelled by the Unified Payments Interface (UPI), mobile payments, and cards, as highlighted in Worldline India’s Digital Payments Report for H2 2024.
This surge was facilitated by the strong development of digital payment infrastructure. By the end of December 2024, the number of UPI QR codes used for digital transactions soared to 63.34 crore, while PoS terminals surged by 23% to 10 million during this timeframe, according to the report.
The UPI system witnessed robust growth in both person-to-person (P2P) and person-to-merchant (P2M) transactions. P2P transactions increased by 30%, climbing from 27.04 billion in the second half of 2023 to 35.21 billion in the same period of 2024. The overall value of these transactions also saw a 26% increase, amounting to Rs 93.84 lakh crore.
P2M transactions grew even more rapidly, with volumes rising by 50% to 58.03 billion and the total value increasing by 43% to Rs 36.35 lakh crore.
Card payments during the latter half of 2024 rose by 11% to 4.1 billion transactions, significantly fueled by a 36% surge in credit card usage, which accounted for 2.42 billion transactions.
In contrast, debit card transactions fell by 29% to 0.82 billion, while prepaid card transactions increased by 11% to 0.86 billion.
The overall value of card transactions grew by 8% to Rs 13.64 lakh crore, with credit cards contributing Rs 10.76 lakh crore, marking a 14% growth from the same period in 2023.
The Electronic Toll Collection (ETC) system also exhibited robust growth, with 103.1 million tags issued by December 2024, reflecting a 26% increase from the previous year. Transaction volumes in this sector grew by 9% to 2.05 billion, while the transaction value rose by 12% to Rs 35,637 crore.
India’s payment acceptance infrastructure expanded at a rapid pace, with PoS terminals increasing by 23% to 10 million and UPI QR codes escalating by 126% to 633.44 million. Private sector banks led the PoS deployment with an impressive 82.2% market share.
