Priyanka Tiwari
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India’s digital payment landscape saw a major leap in the second half of 2024, with mobile transactions rising by 30% year-on-year to a record Rs 198 lakh crore, according to the Worldline India Digital Payment Report released on April 11. This surge highlights the growing dominance of mobile-based financial solutions, especially Unified Payments Interface (UPI).
Key Highlights from the Report
Total Mobile Transactions (H2 2024): Rs 198 lakh crore
YoY Growth: 30% increase from the previous year
UPI Transaction Value: Rs 130 lakh crore, up 31% YoY
Comparison: Mobile payments were 14.5x higher than combined debit and credit card spends
UPI’s Expanding Reach
UPI QR Code Deployments: Reached 63.34 crore by December 2024
UPI as Primary Mode: The decline in average transaction size from Rs 1,515 in 2023 to Rs 1,396 in late 2024 signals UPI’s role in everyday purchases
POS Terminal Growth: Crossed 10 million, with 10 banks accounting for 96% of installations
Shift in Card Usage Trends
Credit Cards: Still preferred for high-value transactions, with continued growth in both POS and online usage
Debit Cards: Usage has declined, indicating a consumer shift towards UPI-based payments
Top States Leading Digital Adoption
States with highest number of physical touchpoints:
Kerala
Maharashtra
Tamil Nadu
Karnataka
These regions are emerging as leaders in digital payment penetration, thanks to robust infrastructure and high smartphone usage.
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