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<ul><li>The average ticket size of debit cards grew by 24% in H2 2023, even as their value and volumes fell.</li><li><keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword>’s average ticket size fell by 8%, mainly indicating a wider usage for almost all types of transactions.</li><li>While card transaction volume and value are falling, credit cards are bucking the trend. </li></ul>Indians have gotten habituated to fishing out their phones instead of cards, and that’s been fuelling a remarkable increase in UPI payments. Unlike their uppity cousins (credit cards), debit cards have been losing out on transaction value and volume. But all’s not lost for these ubiquitous cards. People seem to ‘still’ rely on debit cards for large-sized purchases, as per data by <keyword id="20219639" type="General" weightage="20" keywordseo="worldline" source="keywords">Worldline</keyword>’s <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Digital Payments Report. The average ticket size (ATS) of debit cards grew by 24% year-on-year to ₹2,642 in the second half of 2023, the data says. In fact, most of the growth seen in the cards business, which also includes credit and prepaid cards, was driven by debit cards. The number of debit cards in circulation is 960.8 million, which showed a miniscule growth of 2% YoY. “The growth in debit card ATS suggests that while debit card transactions volume fell, there was still a significant population that used debit cards for their purchases and that ensured that transactions value did not fall parallelly,” says Worldline. Debit card volumes are now a fraction of UPI transactions at 1.15 billion in H2 in 2023 — a drop of 34% YoY. Debit card transaction value at ₹3.02 lakh crore also saw a fall of 16%. In India, UPI rules On the other hand, UPI’s ATS also fell, but that too is a sign of growth, as people seem to use it even for small transactions. Its ATS declined 8% YoY to ₹1,515 from ₹1,648. “The ATS persistently follows a downward trend, indicating a more profound integration of UPI, particularly in smaller or micro-transactions. This decline is predominantly propelled by the surge in person-to-merchant (P2M) transactions,” said Worldline. This decline, however, is related to an extensive growth in UPI transactions. As of the second half of 2023, as much as ₹99.68 lakh crore flowed via phones —exhibiting a whopping 44% surge. The volumes grew 56% YoY to 65.77 billion in H2 in 2023. Between July 2022 and December 2023, there was a notable increase in the payment acceptance infrastructure channels. Point of Sale (PoS) terminals expanded by 26%, dominated by private sector banks with a 73% market share. “This trend underscores users' growing confidence and familiarity with smartphone-based payment methods. The proliferation of Point of Sale terminals has reached unprecedented levels, concurrent with the ascendance of mobile payments as a dominant transaction avenue,” said <keyword id="21180241" type="General" weightage="20" keywordseo="ramesh-narasimhan" source="keywords">Ramesh Narasimhan</keyword>, CEO- India, Worldline. While UPI is rising fast ahead of debit cards, credit cards tell another story of growth. Not only did credit card issuances rise a strong 21%, but credit card transaction value rose 11% to ₹9.39 lakh crore. The number of credit card transactions also grew by a healthy 30.5% — indicating the rising popularity of buy now pay later trends, both online and offline.

Size does matter: Debit cards for large payments & UPI for smaller ones

<ul><li>More than 74.05 billion transactions worth ₹126 lakh crore were processed through <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> in 2022. </li><li>The increase in the usage of QR codes has led to a rise in UPI transactions, with the number of transactions via QR codes reaching 237 million in December 2022. </li><li>Debit card transactions have shown a consistent decline throughout 2022, likely due to the increasing popularity of UPI transactions.</li></ul>Indians are increasingly choosing to pay digitally with transactions via debit, credit, prepaid cards and UPI amounting to ₹149.5 lakh crore in value and 88 billion in volume in 2022, as per a Worldline report. A lion’s share of these transactions occurred via UPI (Unified Payments Interface) – accounting for ₹126 lakh crore, over 74.05 billion transactions in 2022. UPI transactions grew 91% in volume and rose 76% in value over the year before. “I am amazed every day to see the incredible progress we have made in the <keyword id="6358577" type="General" weightage="20" keywordseo="digital-payments" source="Orion">digital payments</keyword> ecosystem over the past few years. The adoption of multiple payment solutions is a boon in our journey to realise the dream of a less-cash India,” said Ramesh Narasimhan, CEO, Worldline India. The growth in UPI transactions was aided by growth in the ecosystem. The number of transactions via QR codes reached 237 million in December 2022 as compared to 152 million in January 2022. Other payment options,like FASTag, <keyword id="6718634" type="General" weightage="50" keywordseo="bharat-bill-pay" source="Orion">Bharat Bill Pay</keyword> and Aadhaar-enabled Payment System (AePS) also picked up in 2022, said the report named ‘India Digital Payments Annual Report'. <cmsannotation type="cmsannotation" annotationid="Debit down, credit up" comment="subhead" text="Debit down, credit up">Debit down, credit up</cmsannotation> The number of outstanding debit cards increased by a mere 0.2% to 939.4 million in 2022, as compared to the year before. “Debit card transactions have shown a consistent decline throughout the year, likely due to the increasing popularity of UPI transactions,” the report said. On the other hand, banks have increased the number of credit cards by 18% indicating an increased appetite for higher-ticket transactions. “The volume and value of transactions done on credit cards has seen a steady uptick through the year. Credit card transactions in 2023 could benefit majorly as credit cards are now eligible for doing UPI transactions,” the report said. <cmsannotation type="cmsannotation" annotationid="Small &amp; big transactions via UPI" comment="subhead" text="Small &amp; big transactions via UPI">Small &amp; big transactions via UPI</cmsannotation> At the end of 2022, 54% of UPI transactions volume was P2M (person-to- merchant transactions) whereas in terms of value it was 23%. By December 2022, the average ticket size (ATS) for UPI person-to-person (P2P) transactions was ₹2,753, while the ATS for UPI person-to-merchant (P2M) transactions was ₹687. “This signals the deep entrenchments of UPI P2M transactions; it is being used for large as well as very small transactions, the latter being the most difficult to move away from cash,” the report said. <keyword id="6357886" type="General" weightage="50" keywordseo="phonepe" source="Orion">PhonePe</keyword>, Google Pay, <keyword id="14300323" type="General" weightage="50" keywordseo="paytm-payments-bank-app" source="Orion">Paytm Payments Bank App</keyword>, Amazon Pay, and Axis Bank were the top 5 UPI apps in 2022, based on both transaction volume and value. <cmsannotation type="cmsannotation" annotationid="FASTag, Bharat Bill Pay &amp; AePS payments on the rise" comment="subhead" text="FASTag, Bharat Bill Pay &amp; AePS payments on the rise">FASTag, Bharat Bill Pay &amp; AePS payments on the rise</cmsannotation> By the end of 2022, National Electronic Toll Collection (NETC) processed a total of 3.25 billion transactions worth ₹50,911 crore, representing a 31% increase in volume and a 37% increase in value over 2021. As of December 2022, a total of 36 banks were live with NETC FASTag. In 2022, the Bharat Bill Payment Central Unit (BBPCU) processed a total of 985.7 million transactions with a total value of ₹1.70 lakh crore. This represents a growth rate of 75% in volume and 83% in value compared to the year 2021. Also in 2022, the AePS recorded a significant volume of over 2.63 billion transactions with a total value of ₹3.42 lakh crore. This represents a growth rate of approximately 24% in volume and 20% in value compared to the year 2021. AePS is a bank-led model that enables online interoperable financial inclusion transactions at point of sale (microATM) through the business correspondent of any bank using Aadhaar authentication.

With transactions worth ₹126 lakh crore, UPI rules digital payments in 2022: Worldline report

<ul><li><keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword> clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value.</li><li>The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in Q3.</li><li>The top three UPI apps in terms of volume and value were PhonePe, Google Pay and <keyword id="3236791" type="General" weightage="50" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword> App.</li></ul> The <keyword id="2736678" type="General" weightage="50" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI), debit and credit cards, prepaid payment instruments like mobile wallets, and prepaid cards logged 23.06 billion transactions amounting Rs 38.3 lakh crore in the third quarter this year, a new report showed on Monday. At the top, the UPI clocked over 19.65 billion transactions in volume and Rs 32.5 lakh crore in terms of value. The UPI transactions volume and value almost doubled since last year as it recorded about an 88 per cent increase in volume and over 71 per cent increase in value in Q3 as compared to the same quarter last year, according to <keyword id="1925688" type="General" weightage="50" keywordseo="worldline-india" source="Orion">Worldline India</keyword>'s 'Digital Payments Report' for the third quarter. The top three UPI apps in terms of volume and value were PhonePe, Google Pay and Paytm Payments Bank App. The top five remitter Banks were <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword>, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword>, Bank of Baroda, Union Bank, and ICICI Bank, whereas the top 5 beneficiary banks were Paytm Payments Bank, YES Bank, State Bank of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, Axis Bank, and ICICI Bank. UPI person-to-merchant (P2M) and person-to-person (P2P) emerged as the most chosen payment method among consumers, accounting for 42 per cent of total transaction volume. This was followed by credit and debit card payments, which accounted for 7 per cent of volume and 14 per cent of value. "The swift adoption of digital payments can be witnessed with each passing quarter. Popular payment instruments like UPI, cards, PPIs are already clocking over 23 billion transactions in a quarter," said Ramesh Narasimhan, CEO, India, Worldline. Q3 data indicates healthy usage of credit cards and growth in the average ticket size. For credit cards, it is Rs 4,833; for debit cards, it is Rs 2,073; for UPI P2M, it is Rs 738; for UPI, P2P it is 2,576; for prepaid cards, it is 473; and for M-wallet, it is Rs 382. The total transaction between credit cards and debit cards comes to around 65 per cent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards, the report showed. As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million. In Q3 2022, POS deployment increased by more than 41 per cent reaching 7.03 million, when compared to the same quarter of the previous year. In the online space, e-commerce (shopping for goods and services), gaming, utility and financial services contributed to over 86 per cent of the transaction in terms of volume and 47 per cent in terms of value. By the end of the third quarter, there were 1.01 billion credit and debit cards in circulation. Credit card volume and value were 725 million and Rs 3.5 lakh crore in Q3 2022, respectively. In the third quarter of 2022, the volume and value of debit card transactions were 907 million and Rs 1.88 lakh crore, respectively, the report said. At least 58.78 million FASTags have been issued till September, with 36 banks. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kolkata-hyderabad-and-pune-remain-indias-most-affordable-residential-cities-jll/articleshow/96001910.cms">Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/go-after-big-smugglers-sending-mountains-of-illegal-drugs-into-the-country-fm-to-enforcement-agencies/articleshow/96001566.cms">Go after big smugglers sending 'mountains' of illegal drugs into the country: FM to enforcement agencies</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/upcoming-new-games-in-2023/articleshow/95999256.cms">Top upcoming games in 2023: Here’s what PC, PlayStation, and Xbox users should expect</a>

Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions

<ul><li>The top <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps in terms of volume were <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword>, <keyword id="2750705" type="General" weightage="20" keywordseo="google-pay" source="Orion">Google Pay</keyword> and <keyword id="6357120" type="General" weightage="50" keywordseo="paytm" source="Orion">Paytm</keyword>. </li><li>The number of transactions through mobile wallets was 1.52 billion in Q2 2022. </li><li>The total number of credit and debit cards in circulation reach one billion. </li><li>Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala recorded the highest transactions at physical merchant stores. </li></ul>UPI is India’s most preferred online payment platform clocking over 17.4 billion transactions in volume and ₹30.4 trillion in terms of value in April-June 2022, according to the ‘India Digital Payments Report’ for Q2 2022 by <keyword id="2195010" type="General" weightage="80" keywordseo="worldline" source="Orion">Worldline</keyword> India, a global digital payments solution company. In Q2, 20.57 billion transactions in volume and ₹36.08 trillion in terms of value was processed through debit and credit cards, prepaid payment instruments like mobile wallets and prepaid cards, and UPI which includes P2M (person to merchant) and P2P (person to person) transactions, the report said. Payments through credit and debit cards accounted for 8% in volume and 14% in value, the report added. “2022 is another momentous year for the payments space in India. We are successfully sailing through the aftermath of Covid-19, the total cards in circulation has breached 1 billion mark, UPI is tracking over 6 billion transactions per month, about 53 million FASTags have been issued, and over 20,000 billers are live on Bharat BillPay ecosystem,” Ramesh Narasimhan, chief executive officer-India, Worldline, said. The top five states that recorded the highest transactions at physical merchant stores were Maharashtra, Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. The top five cities were Hyderabad, Bengaluru, Chennai, Mumbai and <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword>. How does India pay? UPI (Unified Payments Interface) transactions volume and value have seen an increase of about 118% and over 98% respectively in Q2 2022 as compared to the same quarter last year. The top UPI apps in terms of volume were PhonePe, Google Pay and Paytm. “What could be a game-changer for UPI transactions will be linking credit cards onto the platform – it is currently only Rupay but could increase going forward – and this could further supercharge UPI transactions, especially in terms of P2M average ticket sizes,” Worldline said. The average ticket size (ATS) for UPI P2P transactions was ₹2,425 and for UPI P2M transactions it was ₹820 as of June 2022, the report said. The top remitter banks during the quarter were <keyword id="13222" type="General" weightage="50" keywordseo="sbi" source="Orion">SBI</keyword>, HDFC Bank, Bank of Baroda, Union Bank and ICICI Bank. The top beneficiary banks were Paytm Payments Bank, Yes Bank, SBI, Axis Bank and ICICI Bank. The transaction volume passing through Bharat Bill Payment Central Unit (BBPCU) during the quarter stood at 238.31 million while the transaction value was ₹403.02 billion. It registered a growth rate of 99% and 108% in volume and value respectively as compared with Q2 2021. The total number of credit and debit cards in circulation reach 1 billion Alongside UPI, adoption of credit cards is growing at a healthy pace, revealed Worldline. The total number of credit and debit cards in circulation has reached 1 billion in Q2 2022 especially with festivities around the corner. “While the number of credit cards increased by 25% from ₹62.81 million in June 2021 to 78.7 million in June 2022, debit cards increased by 2% from ₹906 million to ₹921.75 million during the same period,” Worldline said. As of June 2022, the top credit-card issuing banks were HDFC Bank, SBI, ICICI Bank, Axis Bank and RBL Bank while the top debit-card issuing banks were SBI, BOB, Union Bank, <keyword id="62034" type="General" weightage="50" keywordseo="punjab-national-bank" source="Orion">Punjab National Bank</keyword> and Canara Bank. Credit cards volume and value stood at 688.65 million and ₹3.28 trillion respectively. “Even though credit card volume at POS and e-commerce are nearly equal, the value of e-commerce transactions is higher as compared with the value of transactions at POS. This is in line with the general trend of transactions of high-ticket items moving from the physical to the digital space,” Worldline said. In terms of value, consumers transacted ₹1,226.29 billion at POS terminals and ₹2,053.66 billion at e-commerce through credit cards in the second quarter. In Q2 2022, debit card transactions volume and value stood at 973.12 million and ₹1.91 trillion respectively. Prepaid cards transaction volume and value was 412.29 million and ₹206.36 billion respectively. When it comes to mobile payments, the number of transactions through mobile wallets was 1.52 billion and the value was ₹574.64 billion. Transactions through wallets are growing steadily recording a 38% increase in volume and 27% in value when compared to Q2 2021, revealed Worldline data. National Electronic Toll Collection (NETC) processed about 829 million transactions worth ₹129 billion. As of March 2022, about 52.9 million NETC FASTags have been issued since the inception of the NETC program. Aadhaar-Enabled Payment Service transactions recorded a substantial volume of over 679 million transactions, registering about 38% growth over Q2 2021. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/railways-increased-the-speed-of-500-mail-express-trains-by-10-70-minutes/articleshow/94641676.cms">Railways increased the speed of 500 mail express trains by 10-70 minutes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/15-ott-releases-to-watch-this-festive-season-starring-madhuri-dixit-hasan-minhaj-and-more/articleshow/94640843.cms">15 OTT releases to watch this festive season starring Madhuri Dixit, Hasan Minhaj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-5g-prices-may-be-affordable-for-now-but-expected-to-increase-after-wider-rollout/articleshow/94636173.cms">Reliance Jio and Airtel 5G prices may be affordable for now but expected to increase after wider rollout</a>

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Size does matter: Debit cards for large payments & UPI for smaller ones

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With transactions worth ₹126 lakh crore, UPI rules digital payments in 2022: Worldline report

Anagh Pal

Digital payments in India touch Rs 38.3 lakh cr at over 23 bn transactions

IANS

UPI is India’s favourite payment mode with transactions worth ₹30.4 trillion in April-June, says report

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