Daijiworld Media Network- New Delhi

New Delhi, Apr 11: India's digital payments landscape continued its impressive growth trajectory in the second half of 2024, with mobile-based transactions witnessing a massive 41 per cent jump in volume, reaching 88.54 billion transactions, according to the latest Digital Payments Report 2H 2024 by Worldline India.

The total value of mobile payments during the July–December 2024 period also surged 30 per cent year-on-year to Rs 197.69 lac cr, reflecting the deepening adoption of digital payment modes across the country.

The report attributes this boom to a robust expansion in digital infrastructure, including a dramatic 126 per cent growth in UPI QR code deployment, which touched 633.44 million by December 2024. PoS (Point of Sale) terminals also saw a notable 23 per cent rise, reaching 10 million installations.

UPI continues to lead the charge

The Unified Payments Interface (UPI) remained the cornerstone of India’s digital payment ecosystem. Person-to-Person (P2P) UPI transactions rose 30 per cent year-on-year to 35.21 billion, with transaction value jumping 26 per cent to Rs 93.84 lac cr.

The momentum was even stronger in Person-to-Merchant (P2M) UPI payments, which saw a 50 per cent spike in volume to 58.03 billion transactions. The total transaction value in this segment surged 43 per cent to Rs 36.35 lac cr.

Cards and toll payments show mixed trends

While overall card payments increased 11 per cent to 4.1 billion transactions, credit card usage saw the most growth — up 36 per cent to 2.42 billion transactions. The total card transaction value rose 8 per cent to Rs 13.64 lac cr, with credit cards contributing Rs 10.76 lac cr, marking a 14 per cent year-on-year increase.

On the flip side, debit card transactions declined sharply by 29 per cent to 0.82 billion, even as prepaid card usage went up 11 per cent to 0.86 billion transactions.

Electronic Toll Collection (ETC) also saw a healthy uptick, with 103.1 million FASTag tags issued by the end of 2024 — a 26 per cent increase over the previous year. ETC transaction volumes rose 9 per cent to 2.05 billion, while the value grew 12 per cent to Rs 35,637 crore.

Private sector banks lead PoS expansion

Private banks continued to dominate PoS deployment, accounting for a commanding 82.2 per cent market share, reflecting their proactive role in scaling India’s payment acceptance ecosystem.

As mobile devices become increasingly central to everyday commerce, the second half of 2024 reaffirmed India’s position as a global leader in digital payments — a trajectory that shows no signs of slowing down.