India Digital

Payments Report
2H 2024
Foreword by Ramesh Narasimhan
The second half of 2024 has been a defining period in India’s
digital payments journey, marked by exceptional growth and
transformation.

This report highlights the key milestones shaping the future Another game-changer is SoftPOS technology, making
of financial services and the evolving consumer preferences payment acceptance more accessible and affordable for
driving this change. businesses of all sizes. As highlighted in our industry insights,
innovations like MPoC security standards are ensuring
One of the most significant achievements has been POS seamless and secure transactions for merchants.
terminals surpassing the 10 million mark, reflecting a 23%
growth since July 2023. Alongside this, UPI QRs have At Worldline, we are committed to driving this digital
surged by 126% to 633.44 million, demonstrating the deep transformation through secure, innovative, and inclusive
penetration of digital payment infrastructure across India’s payment solutions. As we move forward, digital payments will
diverse economy. continue to play a pivotal role in economic growth, financial
inclusion, and business innovation across India.
UPI continues to lead India’s digital revolution, with
transaction volumes growing 42% year-on-year, reaching The data and trends in this report are more than just
93.23 billion transactions in 2H 2024. The steady decline statistics—they represent a fundamental shift in consumer
in average ticket size to INR 1,396 reinforces UPI’s role in behaviour and financial accessibility.
everyday micro-transactions, particularly evident in the 50%
growth in P2M (person-to-merchant) transactions.

We are proud to be part

We are also witnessing clear shifts in
of this journey and remain
consumer payment preferences: dedicated to building a
robust and inclusive digital
payments ecosystem for all.
Credit cards are strengthening their dominance in
high-value transactions, growing 36% in volume.

Prepaid cards are on the rise, with a 35% increase

in issuance, signalling the adoption of specialized
payment solutions.

Mobile payments have become the go-to channel,

with transactions surging 41% to 88.54 billion,
underscoring the role of smartphones in India’s
financial ecosystem.

Ramesh Narasimhan
Chief Executive Officer
India

2 India Digital Payments Report 2H 2024

Industry Insights by Sunil Rongala
The Future of Softpos

A key feature of the mPoC standard is its support for PIN

entry directly on the mobile device screen, often referred to
as “PIN on Glass,” without the need for a separate secure
PIN pad. Furthermore, the standard supports a wider array
of payment acceptance options, including contactless
transactions, PIN entry utilizing the device’s NFC receiver,
offline payments in certain scenarios, and even manual
card data entry. This overcomes a major limitation of earlier
SoftPOS solutions and enables its use for higher-value
purchases that typically require PIN authentication.

The MPoC standard is revolutionizing

Sunil Rongala
checkout experiences. The various ways
Senior Vice President are:
Strategy, Innovation and Analytics
Tap on own device

• In this use case, the consumer is able to tap their

card on their own phone using the merchant’s
According to research, SoftPOS is predicted to grow at a
consumer app. This provides a seamless and
CAGR of 17.6% between 2025 and 20371. The technology is
convenient checkout experience for the customer,
rapidly transforming the landscape of payment processing by
as they can complete the transaction using their
enabling NFC-equipped smartphones and tablets to function
own device.
as secure, contactless payment terminals. This innovative
approach, often referred to as tap-to-phone, eliminates the
Market scenarios for tap on own device
necessity for merchants to invest in and maintain traditional,
dedicated point-of-sale hardware or additional devices like
• E-commerce: Enables a seamless checkout
card readers and dongles.
experience for customers without the need
for adding a new card and tokenizing the same.
The relevance of SoftPOS is experiencing significant growth,
primarily fueled by the increasing consumer adoption of
• Service providers: Customers can pay for services
digital and contactless payment methods, a trend that has
by tapping their card on their own device during
been further accelerated by recent global shifts towards
delivery of goods, improving the overall customer
digital transactions. Merchants are increasingly recognizing
experience.
the advantages of SoftPOS, particularly its potential to deliver
substantial cost savings by removing the need for purchasing
Tap on merchant’s device
and maintaining expensive traditional POS terminals, thereby
improving their operational efficiency. Beyond mere payment
• In this use case, the consumer is able to tap their
processing, SoftPOS facilitates innovative retail experiences
card on the merchant’s mobile phone. This allows
like the concept of “endless aisles,” where sales associates
the merchant to accept card payments without the
can assist customers anywhere in the store and complete
need for a dedicated POS terminal, making it
transactions using their mobile devices, accessing the
a more accessible and cost-effective solution.
full online inventory. This technology is also particularly
appealing to mobile businesses and service providers
Market scenarios for tap on merchant’s device
who require payment acceptance on the go, as well as
for merchants in developing economies where traditional
• In-home Delivery Services: Service providers can
payment infrastructure may be less accessible.
collect payments from customers by having them
tap their card on the delivery agent’s mobile device,
The Mobile Payments on Commercial off-the-shelf (MPoC)
providing a convenient and secure payment option.
standard provides a crucial security foundation for the
widespread adoption of SoftPOS. The development of
• All payment modes, including cash, can be
the mPoC standard signifies a notable advancement in
recorded and reconciled against billing and orders.
addressing the specific security considerations associated
with utilizing general-purpose mobile devices for payment
acceptance.

1 https://www.researchnester.com/reports/softpos-market

India Digital Payments Report 2H 2024 3

Executive Summary
We have analyzed transactions available in public databases*
as well as the transactions processed by us in 2H 2024
(July – December) and derived some unique insights.

#1 #2
The number of POS terminals breached 10 banks accounted for 96%
the 10 million mark. of PoS terminal deployment.

#3
UPI continues to dominate the payment system and is quickly expanding outside India.

Payment Volume (Million) Volume (Million) Value (INR Billion) Value (INR Billion)
Channel 2H 2024 2H 2023 2H 2024 2H 2023

UPI 93237.4 65770.6 130187.3 99677.7

UPI P2M 58036.2 38729.6 36343.1 25432.1

UPI P2P 35201.2 27040.1 93844.2 74245.6

Credit Cards 2426.0 1780 10762.5 9399.86

Debit Cards 819.2 1145.86 2550.9 3020.9

Prepaid Cards 862.9 780.33 334.8 241.79

Mobile App 88547.6 62957.77 197693.6 152333

Net Banking 2390.8 2258.22 597059.3 505596

4 India Digital Payments Report 2H 2024

 #4
Average Ticket Size (INR)

Payment ATS ATS

Channel 2H 2024 2H 2023

UPI 1396 1515

UPI P2M 627 657

UPI P2P 2666 2744

Credit cards 4436 5280

Debit Cards 3113 2636

Prepaid Cards 388 310

Mobile App 2233 2420

Net Banking 249736 223891

#5 #6
Credit card transactions (both volume Debit card transactions (both volume
and value) have shown a steady increase, and value) have been steadily declining
solidifying their position as the preferred over time, suggesting that UPI is gaining
channel for high-value transactions. traction in these transactions.
This trend is evident in both POS and
online transactions.

#7 #8
Prepaid cards have experienced a NETC FASTag continues to grow
strong increase in growth. steadily and is expected to maintain this
growth trajectory with the increasing
number of vehicles on the road.

*sources: rbi.org.in
npci.org.in
India Digital Payments Report 2H 2024 5
Contents
Foreword by Ramesh Narasimhan 2

Industry Insights by Sunil Rongala 3

Executive Summary 4

Worldline India - Data Trends 7

Payments Acceptance Infrastructure 8

POS Market Share 9

Unified Payment Interface (UPI) 10

P2P and P2M Transactions 11

Average Ticket Size 12

Card Issuance 14

Mobile Payments 17

Net Banking 18

Electronic Toll Collection 19

Conclusion 20
Worldline India – Data Trends
In 2H 2024, the most frequently visited in-store merchant
categories were grocery stores, restaurants, service
stations, clothing stores, government services, pharmacies
and hospitals, which accounted for around 68% in terms of
volume and nearly 53% of the total transaction value.

In the online space, e-commerce, gaming, utilities,

government and financial services amounted to about 81%
of the total transaction volume and about 74% of the total
transaction value.

The top 10 states and UTs with the

highest number of transactions at
physical touch points in 2024 were:

Kerala
Maharashtra
Tamil Nadu
Karnataka
Delhi
Telangana
Uttar Pradesh
Gujarat
Jharkhand
West Bengal

Instore

53% 68%
of the total of the total
transaction value transaction volume

Online

74% 81%
of the total of the total
transaction value transaction volume

7 India Digital Payments Report 2H 2024

Payments Acceptance Infrastructures
Across the board, payments acceptance infrastructure
channels have grown at a good clip.

Between July 2023 and December 2024, PoS terminals

grew by 23% to 10 million (from 8.12 million in July 2023)
while BQRs grew by 10% to 6.38 million (from 5.81 million
in July 2023). The standout, as expected, is UPI QRs
which grew by 126% to 633.44 million (from 280.73 million
in July 2023). The number of UPI QRs was unexpectedly
revised upwards in April 2024 and the data from the
RBI shows a major upward correction in the number
of Yes Bank UPI QRs deployed from 187.76 million in
March 2024 to 438.59 million in April 2024.

PoS Terminals and QRs (millions)

11 700
650
10
600
9 550
8 500
450
7 400
6 350
300
5
250
4 200
23

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PoS Terminals BQRs UPI QRs (RHS)

UPI QRs grew by BQRs grew by PoS terminals grew by

126% 10% 23%

India Digital Payments Report 2H 2024 8

PoS Market Share
Top POS deployers:
RBL Bank, Axis Bank, ICICI Bank, HDFC Bank, State Bank Of India, IndusInd Bank, Yes Bank,
Kotak Mahindra Bank, Canara Bank, and Bandhan Bank accounted for 96% of terminals
deployed as of December 2024.

1% 1%
1%
1%
RBL Bank Ltd. 2%
4%
Axis Bank Ltd.

ICICI Bank Ltd. 21%

HDFC Bank Ltd. 15%

State Bank of India

IndusInd Bank Ltd.

Yes Bank Ltd.

20%
Kotak Mahindra Bank Ltd.
17%
Canara Bank

Bandhan Bank Ltd.

Others 18%

Private Sector banks dominated the space with 82.2% market share while Public Sector Banks
accounted for 17.4%. Foreign banks have 0.4% market share.

0%
0,4% 0%

17,4%
Public Sector Banks

Private Sector Banks

Foreign Banks

Payment Banks

82,2% Small Finance Banks

9 India Digital Payments Report 2H 2024

Unified Payments Interface (UPI)
UPI transactions volume has increased from 9.96 billion
transactions in July 2023 to 16.73 billion in December 2024.

Correspondingly, the transaction value has exhibited

a parallel upward trajectory; it increased from INR 15.33
trillion in July 2023 to an impressive INR 23.24 trillion
in December 2024.

When comparing the volume of UPI transactions in 2H 2024

to 2H 2023, it increased by 42% from 65.77 billion to 93.23
billion. During the same timeframe, the value of transactions
increased by 31% from INR 99.68 trillion to INR 130.19 trillion.

However, the interesting number continues to be the average

ticket size (ATS) which reduced by 8% from INR 1515 in 2H
2023 to INR 1396 in 2H 2024.

UPI Transactions - Volume & Value

25000

23000

21000

19000

17000

15000

13000

11000

9000
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UPI Volume (million) UPI Value (INR billion)

2H 2023 2H 2024

Volume of UPI transactions Value of UPI transactions

42% 31%
increase increase
India Digital Payments Report 2H 2024 10
P2P and P2M Transactions
UPI transactions are categorized into person-to-person During the same period, the value of P2P transactions rose
(P2P) and person-to-merchant (P2M) transactions. P2P from INR 74.24 trillion to INR 93.84 trillion, a 26% increase.
transactions increased from 27.04 billion in the second half of Concurrently, the P2M transaction volume grew from
2023 to 35.21 billion in the second half of 2024, representing 38.73 billion to 58.03 billion, a 50% increase, while the
a 30% increase. value increased from INR 25.43 trillion to INR 36.35 trillion,
a 43% increase.

UPI P2P & P2M Transactions Volume (Mn)

18000
16000
14000
12000
10000
8000
6000
4000
2000
-
23

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P2P Volume (million) P2M Volume (million)

UPI P2P & P2M Transactions - UPI Value (INR billion)

26000
24000
22000
20000
18000
16000
14000
12000
10000
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P2P Value (INR billion) P2M Value (INR billion)

11 India Digital Payments Report 2H 2024

Average Ticket Size
The average ticket size (ATS) of all UPI transactions in 2H This fall in P2M ATS is a trend that has been continuing for
2023 was INR 1515 compared to INR 1396 in 2H 2024, a 8% some time now indicating how UPI is the primary choice for
decrease. When P2P transactions are considered, during micro transactions indicating its long-term sustainability. Had
the same period, the ATS reduced from INR 2744 to INR the median value of UPI transactions been publicly available,
2666, 3 % decrease. During the same period, the ATS of P2M from an anecdotal experience, it will likely show how truly it is
transactions fell from INR 657 to INR 626, a 4.7% reduction. used for micro transactions; those that are Rs. 100 or less.

Avg Ticket Size - P2P, P2M, Total UPI

3000

2500

2000

1500

1000

500

0
23

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Avg ticket size P2P Avg ticket size P2M Avg Ticket size Total UPI

Top UPI apps, Remitter and Beneficiary banks

3 UPI apps are dominant in terms of volume and value; PhonePe, Google Pay, and Paytm.
In terms of transaction volume, in December 2024, the 3 apps accounted for 93% of all
transactions. In terms of transaction value, the 3 accounted for 92% in December 2024.

Top UPI Apps - percentage of volume and value contribution

60%
48% 51% 49%
46%
40% 37% 37% 36% 34%

20% 13%
7% 10%
5%

0%
Volume Value Volume Value

Dec 24 Dec 23

PhonePe Google Pay Paytm Payment Bank

India Digital Payments Report 2H 2024 12

The top 5 remitter and beneficiary banks are the below:

UPI Remitter Banks Total Volume (In Mn) UPI Beneficiary Banks Total Volume (In Mn)

State Bank of India 4,540.13 Yes Bank Ltd. 6,652.85

HDFC Bank Ltd. 1,403.46 Axis Bank Ltd. 1,702.85

Bank of Baroda 1,125.93 State Bank Of India 796.13

Union Bank of India 1,070.69 HDFC Bank Ltd. 796.13

Punjab National Bank 954.15 ICICI Bank Ltd. 627.57

Highest Transactions MCCs - July to December 2024

The top 10 MCCs where the most UPI P2M transactions are done reflect why
the ATS ticket sizes have been reducing while volumes have been increasing.
The below MCCs are typically where smaller ticket sizes done and with a higher volume.

Groceries and Fast food Eating places Bakeries

supermarkets restaurants and restaurants

Telecommunication Service Digital Goods: Cigar shops

services stations Games and stands

Drug stores Department P2PM Utilities electric, gas,

and pharmacies stores changes water and sanitary

13 India Digital Payments Report 2H 2024

Card Issuance: Credit, Debit & Prepaid Cards
In December 2024, the total number of cards was 1.53 billion, banks dominating debit card issuance is clear suggesting
a 11% YoY increase; the number of credit cards was 108.06 the risk appetite among the former is higher while the latter
million, 990.95 million debit cards and 438.1 million prepaid is focused on providing accounts to a larger section of the
cards. This corresponds to a growth of 10.4%, 3.1% and an population including the unbanked. 71% of credit cards
impressive 35% respectively when compared to December were issued by private sector banks and 24% were by public
2023. The top 5 issuers of credit cards were HDFC, SBI, sector banks while 64% of debit cards were issued by public
ICICI, Axis and RBL respectively and the top 5 issuers of sector banks and 25% by private sector banks. The balance
debit cards were SBI, Bank of Baroda, Union Bank of India, was issued by payment banks, small finance banks and
Canara Bank and HDFC. The contrast between private sector foreign banks.
banks dominating credit card issuance and public sector

Credit, Debit & Prepaid cards (millions)

500 1010
1000
400
990
300 980
970
200 960
950
100
940
0 930
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Number of outstanding Credit Cards (million) Number of outstanding Debit Cards (million) RHS
Number of outstanding Debit Cards (million) RHS

Card Transactions Volume (million)

Similar to card issuance, the volume 850 250

of card transactions in 2H 2024 was

750
4.1 billion, a growth of 11% from 2H 200
2023. Debit card transactions in 2H
650
2024 were 0.82 billion, a 29% drop 150
off from 2H 2023 while prepaid 550
card transactions were 0.86 billion,
100
a growth of 11%. Meanwhile, credit 450
card transactions were 2.42 billion,
a significant increase of 36% when 350
50

compared to 2H 2023.
250 0
The value of card transactions in 2H
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2024 was INR 13.64 trillion, an increase

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of 8% from 2H 2023. This growth was Total Cards Volume Total Credit Cards Volume
largely supported by credit cards. Total Debit Cards Volume (RHS) Total Prepaid Cards Volume (RHS)
Credit card transactions value in 2H
2024 was INR 10.76 trillion, a strong
rise of 14% from 2H 2023 while,
during the same period, debit cards Card Transaction Value (billion)
transaction value was INR 2.55 trillion, 3000 600
a fall of 16% and prepaid cards were
INR 334 billion, a growth of 38%. 2500 500

The average ticket size (ATS) for all 2000 400

cards in 2H 2024 was INR 2645, a 4% 1500 300

decrease from 2H 2023. Credit cards
ATS in 2H 2024 was INR 4436, a 16% 1000 200
decrease and prepaid cards ATS was
INR 388, a 25% increase and debit 500 100

cards ATS was INR 3113, a strong 18%

0 0
growth. The drop in credit card ATS
23

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is a simple function of higher number

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of transactions.
Total Cards Value Total Credit Cards Value
Total Debit Cards Value Total Prepaid Cards Value (RHS)

India Digital Payments Report 2H 2024 14

Card transaction value at PoS

Card Transactions Volume at PoS

250 76
Total card transactions volume on POS 200
74
72
terminals in 2H 2024 was 2.27 billion,
150 70
a 4% YoY increase. During the same 68
period, credit card transactions were 100 66
1.245 billion, a 34% rise while debit card 50
64
62
transactions were 607.5 million, a 27%
0 60
fall. The Prepaid card transactions

23

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24

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23

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were 422 million transactions, decrease

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3% YoY.

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POS volume Credit Cards Volume at PoS (million) PoS volume Debit Cards Volume at POS (million)
POS volume Prepaid Cards Volume at PoS (million) RHS

Card Transactions Value at PoS

900 11
The value of card transactions on 800
700 10
PoS in 2H 2024 was INR 5.83 trillion, 600
compared to INR 5.31 trillion a year 500
9
400
before; a 10% increase. During the 300
same time period, the value of credit 200 8
card transactions was INR 4.07 trillion, a 100
0 7
very healthy growth of 24% while debit
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card transactions value was INR 1.70
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trillion, an 14% drop while prepaid cards
was INR 56 billion, a growth of 8%. POS value Credit Cards Value at PoS (INR billion) POS value Debit Cards Value at PoS (INR billion)
POS value Prepaid Cards Value at PoS (INR billion) RHS

The ATS for credit cards at PoS was INR 3270 in 2H 2024 (INR 3533 in 2H 2023) while it
was INR 2803 for debit cards (INR 2401 in 2H 2023). Prepaid cards ATS was INR 133 in
2H 2024 compared to INR 120 in 2H 2023.

15 India Digital Payments Report 2H 2024

Card transaction value at Online

Card Transactions Volume at Online (ecommerce)

250

Total card transactions volume for 200

online transactions in 2H 2024 saw 150

an increase 21% to 1.83 billion when 100
compared to 2H 2023. During the same 50
time period, credit card transactions 0
increased by 38% to 1.181 billion while

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4
debit cards fell by 33% to 211 million

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and prepaid cards grew by 27% to
441.55 million. Online volume Credit Cards Volume at E-commerce and Others (million)
Online volume Debit Cards Volume at E-commerce and Others (million)
Online volume Prepaid Cards Volume at E-commerce and Others (million)

Card Transactions Value at Online (ecommerce)

1400 70
1200 60
The value of total card transactions in
1000 50
2H 2024 for online transactions rose by 800 40
6% to INR 7.8 trillion when compared 600 30
to 2H 2023. During the same time 400 20
period, credit card transactions value 200 10
0 0
rose by 9% to INR 6.7 trillion while debit
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cards fell by 18% to INR 0.85 trillion

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and prepaid cards grew by 47% to INR
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278.9 billion. Online value Credit Cards Value at E-commerce and Others (INR billion)
Online value Debit Cards Value at E-commerce and Others (INR billion)
Online value Prepaid Cards Value at E-commerce and Others (INR billion) RHS

The ATS for credit cards at Online transactions was INR 5665 for 2H 2023 (INR 7172 in 2H
2023) while it was INR 4003 for debit cards (INR 3251 in 2H 2023). Prepaid cards ATS was INR
632 in 2H 2024 compared to INR 546 in 2H 2023.

Credit Debit Prepaid

Volume at Volume at Volume at

Volume at
Volume E-commerce Volume at E-commerce Volume at E-commerce
PoS
and Others PoS (million) and Others PoS (million) and Others
(million)
(million) (million) (million)

2H 2024 1244.83 1181.117 607.55 211.68 421.29 441.55

2H 2023 925.68 854.51 828.75 317.09 433.1 347.23

Credit Debit Prepaid

Value Value at Value at Value at

Value at PoS E-commerce Value at PoS E-commerce Value at PoS E-commerce
(INR billion) and Others (INR billion) and Others (INR billion) and Others
(INR billion) (INR billion) (INR billion)

2H 2024 4070.6 6691.87 1703.42 847.46 55.93 278.9

2H 2023 3271.17 6128.69 1990.17 1030.76 52.01 189.78

India Digital Payments Report 2H 2024 16

Mobile Payments
Mobile payments, which are transactions done using mobile The volume of mobile transactions in 2H 2024 was 88.54
phone apps, have seen solid growth. A significant number of billion compared to 62.95 billion in 2H 2023, a 41% increase
these transactions are likely UPI-based but also consist of a while the value of mobile transactions in 2H 2024 was INR
whole host of payments using bank accounts etc. 197.69 trillion compared to INR 152.3 trillion in 2H 2023, a 30%
increase.

Mobile App Payments

40000

35000

30000

25000

20000

15000

10000

5000

0
23

24

24
23

24
23

24
Ja 3

24
24
24

24
24

24
23

4
3

4
2

r2
l2

l2
pt

ay
ov

ov
g

g
ec

ec
p
ar
b

n
n
ct

ct
Ap
Au

Au
Se

Se
Fe
Ju

Ju

Ju
M

M
O

O
N

N
D

D
Mobile Payments Volume (million) Mobile Payments Value (INR billion)

The ATS of mobile app transactions in 2H 2024 was INR 2232.4, a 8% reduction compared
to 2H 2023. What this really shows is how Indians have taken to their mobile phones to make
payments for multiple goods and services using multiple channels. The growth in this channel
also indicates how stable this method of payment will be and how it will continue to power the
future of payments in India.

2H 2023 2H 2024

Volume of mobile transactions Value of mobile transactions

46% 30%
increase increase

17 India Digital Payments Report 2H 2024

Net Banking
In 2H 2024, the volume of NB transactions was 2.39 billion,
a 6% increase from 2H 2023 (2.25 billion). In terms of value,
NB transactions was 2H 2024 amounted to INR 597.06 trillion
2H 2024
compared to INR 505 trillion in 2H 2023, an 18% increase.
Net Banking numbers tend to be huge because companies
makes large payments through NB including tax payments. Volume of NB transactions was
In terms of ATS, it was a massive INR 249736 in 2H 2024
compared to INR 223891 a year before. NB, given its usage,
will continue its upward trajectory but the percentage
growth will be small just given the base effect.
2.39 billion
Net Banking

430 120000

420
100000
410

400
80000
390

380 60000

370
40000
360

350
20000
340

330 0
23

24

24
23

24
23

24
23

24
24
24

24
24

24
23

4
3

4
r2
l2

l2
pt

ay
ov

ov
g
g

ec

ec
p
ar
b

n
n
ct

ct
Ap

Au
Au

Se

Se
Fe
Ju

Ju

Ju
Ja

M
O

O
N

N
D

D
Internet Payments Volume (Netbanking) (million) Internet Payments Value (Netbanking) (INR billion) RHS

India Digital Payments Report 2H 2024 18

Electronic Toll Collection
Electronic Toll Collection (ETC) has really changed how we pay for
tolls on the country’s roads and now increasingly at parking plazas
among other use cases.

The number of tags issued as of December 2024 was

103.1 million compared to 81.24 million in December
a 26% growth. In terms of volume, transactions in
2H 2024 were 2.05 billion compared to 1.89 billion in 2H
2023, a 9% growth while the value of ETC transactions
in 2H 2024 was INR 356.37 billion, a 12% increase when
compared to 2H 2023 (INR 319.5 billion).

Electronic Toll Collection

120 450
400
100
350
80 300
250
60
200
40 150
100
20
50
0 0
23

24

24
23

24
23

24
23

24
24
24

24
24

24
23

4
3

4
r2
l2

l2
pt

ay
ov

ov
g

g
ec

ec
p
ar
b

n
n
ct

ct
Ap
Au

Au
Se

Se
Fe
Ju

Ju

Ju
Ja

M
O

O
N

N
D

Tag Issuance (In Nos.) Value (INR billion) Volume (million) RHS

19 India Digital Payments Report 2H 2024

Conclusions
India’s digital payments landscape continues to experience
significant growth, as reflected in the data from the second half
of 2024. UPI remains the dominant force, with transaction volumes
surging 42% year-on-year to 93.23 billion. Meanwhile, credit card
transactions have also demonstrated strong growth, particularly
in high-value payments.

Looking ahead, two key developments will shape the digital payments ecosystem:

#1 #2
SoftPOS Adoption UPI’s International Expansion

SoftPOS is set to grow at a CAGR As highlighted in our executive summary,

of 17.6% between 2025 and 2037, UPI continues to dominate the domestic
revolutionizing payment acceptance payment landscape and is rapidly
by enabling NFC-equipped smartphones expanding beyond India. With UPI P2M
and tablets to function as secure transactions increasing by 50% in volume,
contactless payment terminals. its scalability and adaptability make it
The Mobile Payments on Commercial well-positioned for global adoption.
off-the-shelf (MPoC) standard enhances This expansion represents a major
security by supporting PIN entry directly opportunity for India’s homegrown
on mobile screens. With traditional POS payment system to establish a strong
terminals surpassing 10 million (a 23% international presence.
growth since July 2023), SoftPOS marks
the next phase in merchant acceptance
infrastructure.

As these trends unfold, digital payments will become even more embedded in India’s
economic framework, fostering greater financial inclusion and accelerating economic
growth across all segments of society.

This report was prepared by:

Sunil Rongala
Tanha Naik

Editorial Support:
Worldline India Marketing Team

Graphics and layout:

Worldline Plus agency

India Digital Payments Report 2H 2024 20

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