Mumbai
The latest report from Worldline has unveiled divergences in the trajectories of digital transactions in India. While UPI transactions have surged by 56 per cent year-on-year (YoY) in H2 2023, card transactions saw a modest growth of 6 per cent.
Startling revelations have emerged regarding the digital payments landscape in India for the latter half of 2023 (H2 2023).
According to the report, the volume of UPI transactions surged to 65.77 billion from 42.09 billion in H2 2022. Transaction value saw a phenomenal 44 per cent increase. Commenting on this trend, Ramesh Narasimhan, Chief Executive Officer India, Worldline, says, 2023 has witnessed significant milestones in the payments ecosystem.
This downward trend in ATS suggests the increasing integration of UPI in smaller transactions, particularly person-to-merchant (P2M) transactions, reflecting the evolving preferences of consumers towards digital payment methods.
The report also says that payment acceptance infrastructure has also gone up substantially, with Point of Sale (PoS) terminals at 8.56 million, a notable 26 per cent increase.
P2M transactions, in particular, witnessed a remarkable 77 per cent increase in volume and a 62 per cent increase in value YoY, indicating a shifting consumer behavior. In contrast, card transactions recorded a modest 6 per cent YoY growth, with the total number of cards reaching 1.384 billion in H2 2023.
